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Senator calls for Chrysler merger, new CEO at GM

(Agencies)
Updated: 2008-12-08 08:58

WASHINGTON -- A key senator says US car companies should have to replace top executives in exchange for a long-term bailout package from Congress.

Related readings:  Big Three automakers to submit plans to Congress  Lawmakers, White House agree on $15b auto bailout  Auto giants 'need $11b to last until next month'  Dems delay auto bailout vote, seek plan from Big 3

Sen. Chris Dodd heads the Senate Banking Committee. He says he is hopeful Congress will pass a short-term $15 billion aid package for the automakers in the next several days. But the Connecticut Democrat says the companies should have to restructure if they want a more significant bailout from Congress next year.

Dodd says the companies need quick cash to avoid collapse in the next several weeks. But over the long-term, Dodd says Chrysler probably ought to merge with another company and General Motors should be required to replace chief executive Rick Wagoner.

Dodd appeared Sunday on CBS television's "Face the Nation."