President Barack Obama is expected on Monday to reveal plans to restructure the nation's auto industry.
"We think we can have a successful U.S. auto industry. But it's got to be one that's realistically designed to weather this storm and to emerge at the other end much more lean, mean and competitive than it currently is," President Obama said in a taped interview broadcast today on CBS' "Face the Nation."General Motors and Chrysler have submitted plans to make their companies more viable, but Obama said more is needed.
Obama said that the companies still have more to do and that success is "going to mean a set of sacrifices from all parties involved, management, labor, shareholders, creditors, suppliers, dealers."
Obama Auto Plan Expected Tomorrow
ABC News - 1 hour ago
By ALICE GOMSTYN The Obama administration is set to unveil new measures Monday to restructure the nation's devastated auto industry.
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