Senator calls for Chrysler merger, new CEO at GM

Is A GM Chrysler Merger going to be part of the restructuring by March 2009?

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

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 says Ford is the healthiest of the Big Three U.S. automakers.

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