This editorial appeared in The Kansas City Star.
The Obama administration has taken a surprisingly tough position on future federal bailout money for General Motors and Chrysler.
That's appropriate because it suggests the two companies will face a deeper restructuring than might have otherwise occurred, which should enhance their chances of survival.
The companies were supposed to have offered viable plans by today in exchange for $17 billion in loans. But President Obama said they had failed to do so and refused the additional loans.
The White House move indicates it is losing patience with the struggling automakers. During the weekend, the administration used the threat of withheld bailout money to force out GM CEO Rick Wagoner and install new members on the company's board, an unusual foray into a private company's leadership.
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