President Obama also closed the door for now on any more bailout money given to the auto industry. He said that neither General Motors nor Chrysler has proposed sweeping enough changes to justify further large federal bailouts. Obama demanded "painful concessions" from creditors, unions and others as their price for survival. The industry has shed over 400,000 jobs in the past year as the recession took hold. He said Chrysler's situation is more perilous, and the government will give the company 30 days to overcome hurdles to a merger with Fiat, the Italian automaker. If they are successful "we will consider lending up to $6 billion to help their plan succeed," Obama said.
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