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Obama Says Auto Industry Needs to do More

WASHINGTON (AP) — President Barack Obama says General Motors Corp., Chrysler LLC and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future.

Obama, in an interview with CBS’ “Face the Nation” broadcast Sunday, said the companies must do more to receive additional financial aid from the government.

“They’re not there yet,” Obama said.

Details of the plan remained tightly held Sunday, but General Motors CEO Rick Wagoner was stepping down immediately as chairman and chief executive of the Detroit automaker, said a person with knowledge of the plans. The person declined to be identified because Wagoner’s plans had not been formally announced.

Wagoner’s resignation came as the president was set to announce a plan Monday for the government to provide more money in exchange for tough concessions from union workers, bondholders and others. Lawmakers were expected to get briefed on the plan Sunday evening.

“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,” Obama said.