President Barack Obama laid out a grim message for General Motors Corp. and Chrysler LLC today, warning they may be forced into a quick bankruptcy and saying the nation "cannot continue to excuse poor decisions." In a speech at the White House flanked by a dozen top advisors, Obama said bluntly what his administration said Sunday: The companies cannot continue to survive as they are now structured and must quickly make more painful choices or face collapse.
"What we are asking is difficult. It will require hard choices by companies," Obama said in the Grand Foyer reading from a television monitor as dozens of photographers snapped. "We also cannot continue to excuse poor decisions. And we cannot make the survival of our auto industry dependent on an unending flow of tax dollars. These companies --and this industry -- must ultimately stand on their own, not as wards of the state."
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