General Motors and Chrysler must make ‘unpopular choices’

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Detroit News reports quotes US President Barack Obama, saying it is his “fervent hope” that General Motors Corp. and Chrysler LLC will meet government-imposed deadlines to restructure and survive, warning the effort “will involve difficult and sometimes unpopular choices.”

Obama’s comments come as GM and Chrysler race the clock to try to win concessions from the United Auto Workers and their debt holders as they face a growing prospect of bankruptcy.

“It is our fervent hope that in the coming weeks, Chrysler will find a viable business partner and that GM will develop a business plan that will put it on a path to profitability without endless support from the American taxpayer,” Obama said in a speech at Georgetown University.

GM and Chrysler are running on taxpayer loans approved by the Bush White House and expanded by the Obama administration. Obama on Tuesday defended his decision to give the two automakers more time to resolve their problems, despite harsh criticism from Republicans who said the companies had made no progress. Full story…