In an address from the White House this morning, President Obama laid out guidelines for steering the U.S. auto industry back to health while pledging to keep a watchful eye on taxpayer money.

Arguing that the restructuring plans set forth by GM and Chrysler were prepared in good faith but ertr ultimately insufficient, the president laid out different paths for the two struggling automakers. GM will have 60 days cut drastically cut costs if it wishes to receive billions more in aid.