AP: Obama denies bailout funds for automakers

The Associated Press has reported that the White House has said neither GM nor Chrysler submitted acceptable plans to receive more bailout money.

President Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend billions more to keep the automakers open forever. The AP cited unnamed senior administration officials who said the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving.

Obama is set to make the announcement today from the White House foyer.

The AP article can be found here.