Tuesday, November 24,  7:02 pm

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The Obama administration presented a hard line to the auto industry on Monday, demanding the ouster of General Motors Corp.'s chief executive and warning the carmaker and its rival Chrysler LLC they have 60 days to come up with restructuring plans or face bankruptcy.

The administration pledged to fund Chrysler and GM during the 60 days when plans are being developed but stopped short of granting their requests for $22 billion in loans that the automakers said they need to restructure outside of bankruptcy. A majority of GM's board will also be replaced, and the White House ordered Chrysler to complete its alliance with Italy's Fiat SpA within 30 days or lose funding.

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