Obama: Sacrifice needed for auto industry

WASHINGTON, March 29 (UPI) -- U.S. President Barack Obama said Sunday he is prepared to give struggling domestic automakers more in aid if companies make more sacrifices.

In an appearance on CBS' "Face the Nation," the president said General Motors Corp. and Chrysler LLC executives need to show they are willing to make a viable future for their companies.

Hours after the president's appearance, it was widely reported that GM Chairman and Chief Executive Officer Rick Wagoner is resigning immediately at the request of the administration. GM did not comment on the reports.

Obama told CBS he plans to outline a set of "sacrifices from all parties involved -- management, labor, shareholders, creditors, suppliers, dealers" that he would like to see met.

"Everybody is 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," Obama said.

GM and Chrysler have received more than $17 billion in federal bailout funds. Ford Motor Co. has not accepted any government aid.