Day 70: Obama Lays Out Auto Plan

4903757On his seventieth day in office, President Obama laid out a plan for General Motors and Chrysler that gave both companies a limited about of time to restructure if they hope to secure further federal funding.

"I am announcing that my administration will offer GM and Chrysler a limited period of time to work with creditors, unions, and other stakeholders to fundamentally restructure in a way that would justify an investment of additional tax dollars; a period during which they must produce plans that would give the American people confidence in their long-term prospects for success," he said.

The president also signed a wilderness protection bill setting aside more than 2 million acres "to protect, preserve and pass down our nation's most treasured landscapes to future generations."

Check out Chip Reid's CBS Evening News report on the president's day below.