VOICED: GM loses its CEO as Obama ups pressure on automakers

The White House expressed dissatisfaction with the auto industry's lack of a viable recovery plan despite receiving federal aid. President Obama demanded accountability, leading to Rick Wagoner's resignation as GM's CEO. The administration gave GM and Chrysler deadlines to restructure, with Chrysler needing to finalize a deal with Fiat. Obama assured the auto industry's survival but emphasized accountability, warning of bankruptcy if conditions weren't met. GM and Chrysler had already received $17 billion and sought $20 billion more, with new compliance rules in place.

What prompted Rick Wagoner to step down as CEO of General Motors?

• Pressure from the White House due to GM's failure to develop a recovery plan

• A scandal involving company finances

• A new job offer from another company

• A personal decision to retire

What was Chrysler required to do within 30 days according to the administration's plan?

• Increase its workforce

• Finalize an agreement with Fiat

• Reduce its production costs

• Launch a new car model

What did President Obama promise regarding the American auto industry?

• It would merge with foreign automakers

• It would not disappear under his administration

• It would receive unlimited financial support

• It would focus solely on electric vehicles

What was the total amount of federal assistance GM and Chrysler had already received by December?

• $17 billion

• $10 billion

• $25 billion

• $30 billion

What consequence did Obama warn of if GM and Chrysler failed to comply with the new rules?

• Increased federal assistance

• Bankruptcy and job losses

• A merger with another company

• A reduction in production