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US President Barack Obama has also given both Chrysler and General Motors strict deadlines to submit new plans for restructuring - just 30 and 60 days, respectively.
The President said that the car firms had a "failure of leadership - from Washington to Detroit".
But he also hinted strongly that much effort would be put into preventing the auto industry from dying off so easily.
"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."
According to automotive website, MotorAuthority, GM has lost more than USD$82 billion since 2004 and also a 95 percent drop in the company's share prices since 2000 - when Wagoner arrived.
