WASHINGTON, DC (AP) -- House leaders are urging General Motors and Chrysler to submit credible restructuring plans next week to the Obama administration.
Speaker Nancy Pelosi, D-Calif., and Rep. Barney Frank, D-Mass., said in a letter Friday to the heads of General Motors Corp. and Chrysler LLC that the restructuring plans need to show they are willing to make "tough decisions" to revamp their companies.
GM received $9.4 billion in federal loans and is expected to receive another $4 billion, while Chrysler LLC has received $4 billion in loans and hopes to get another $3 billion.
The companies must submit plans next week showing how they will restructure their companies to become viable in the future.
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