'Last Chance To Get It Right'

Cutting Dealerships Necessary To Return To Profitability, Gm, Chrysler Leaders Tell Lawmakers

"This is our last chance to get it right," General Motors Corp. President Fritz Henderson warned testy lawmakers.

"They were gut-wrenching [decisions] but absolutely necessary for Chrysler's survival," Press said.

Obama administration officials pushed them to be more aggressive about their restructuring but did not dictate the numbers or review a list of dealers whose franchise agreements would be eliminated, the executives said in response to inquiries from Republicans about White House involvement.

Senators did not agree to a request by the National Automobile Dealers Association that the government provide more money to Chrysler so it could purchase leftover vehicles at the dealers it was terminating.

Chrysler is expected to emerge from bankruptcy protection within the next few days. GM filed for Chapter 11 protection on Monday, and its officials said they hope to be able to emerge from it in 60 to 90 days.

The Associated Press contributed to this article.