Memo to Detroit: Do More

Apparently, the Obama administration's dismissal of Rick Wagoner as head of GM wasn't enough to save the car giants. The president slammed the restructuring plans of General Motors and Chrysler today, saying that neither company's proposed changes were enough to justify further bailout money. Obama also demanded "painful concessions" from creditors and unions and said that controlled bankruptcy could help the companies "restructure quickly and emerge stronger." The administration will fund GM for 60 more days to allow it time to come up with a new plan for restructuring, and will give Chrysler 30 days and consider lending it up to $6 billion to accomplish a merger with the Italian automaker Fiat.