President Barack Obama has been busy this weekend when it comes to the auto industry. Following reports that General Motors CEO Rick Wagoner is stepping down at the President's request comes news that the Commander in Chief has decided to grant both GM and Chrysler additional short-term aid.
The Detroit News is reporting that the President told four members of Congress from Michigan in a conference call Sunday night that the government would give GM additional aid for 60 days to complete its restructuring and Chrysler gets 30 days to finalize its partnership with Fiat. The exact amounts were not specified, but will likely be revealed early this week as the deadline for each automaker to update the government on its restructuring plan arrives on Tuesday, March 31.
An unnamed source familiar with the call also confirmed that GM's current Chief Operating Officer, will replace Wagoner as the automaker's CEO.
UPDATE: Early reports indicate that Chrysler will receive $6 billion in federal aid and over the course of the 30 days, Chrysler will likely give up a 35% stake to Fiat.