Senator calls for Chrysler merger, new CEO at GM

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

Sen. Chris Dodd, who heads the Senate Banking Committee, 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.