GM and Chrysler shut out of $25 billion energy efficiency program

Updated

General Motors Corp. (GMGAQ) and Chrysler LLC, the two bankrupt automakers, have been shut out of a new $25 billion government program designed to encourage the development of fuel-efficient cars that is expected to be announced today, according to The New York Times.

"General Motors had said that the $8.3 billion it was seeking would be used for the development of the Chevy Volt, a plug-in hybrid car," the Times said. "Chrysler had been asking for $5 billion. Both companies had been lobbying heavily for the money."

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