San Jose, CA – On Monday, March 30, President Obama took a tough line with General Motors and Chrysler, which had asked for billions more in aid from the government. GM CEO Wagner was forced to resign, and GM has 60 days to submit a new business plan with more cost cutting. Chrysler was given 30 days to sell a stake to Italy’s Fiat. Otherwise, said Obama, the car companies will go into bankruptcy. To help the companies through this restructuring, the government will be guaranteeing car warrantees and payments to parts suppliers.