President Obama said this morning that the auto companies don’t their act together yet. Appearing on Face the Nation via a taped interview, this is what he had to say:

“We’re trying to let them know that we want to have a successful auto industry, U.S. auto industry. We think we can have a successful U.S. auto industry. But it’s got to be one that’s realistically designed to weather this storm and to emerge … much more lean, mean and competitive than it currently is,” Obama said. 

“That’s going to mean a set of sacrifices from all parties involved — management, labor, shareholders, creditors, suppliers, dealers. Everybody’s going to have to come to the table and say it’s important for us to take serious restructuring steps now in order to preserve a brighter future down the road,” he said. 

Obama added: “They’re not there yet.”

Here is the video.

I believe Tuesday was the deadline to resolve this drama. Looks like we get a new deadling.

more: here
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