Obama sets tight auto aid terms

General Motors will be given 60 days and Chrysler just 30 days to submit new plans for recovery.
Soon after ordering the resignation of GM chief Rick Wagoner, Mr Obama said bankruptcy protection could speed up the restructuring process.
But he also offered conditional assurances about the industry's future.
Government guarantees
"We cannot, we must not and we will not let our auto industry simply vanish," said Mr Obama.
"But our auto industry is not moving in the right direction fast enough to succeed."
He said the car firms had run into trouble because of a "failure of leadership - from Washington to Detroit".
Restructuring plans may "mean using our bankruptcy code as a mechanism to help them restructure quickly and emerge stronger", he said.
This could make it easier for the firms to "quickly clear away their old debts that are weighing them down so they can get back on their feet and on to a path of success".
Mr Obama said this would not have to involve breaking the companies up.
Stocks slide
Talk of bankruptcy unsettled investors and US stocks fell sharply.
The leading Dow Jones index ended down 3.3% at 7,522.02 points in New York, with GM shares down 25% at $2.71.