Obama: Chrysler Going Bankrupt to Rebuild

Says the auto company is getting a "new lease on life," will file for Chapter 11 Thursday and receive up to $8 billion in federal money.

Bankruptcy expected to last 60 days, giving Chrysler time to restructure before entering into partnership with Fiat. Details here.

Chrysler CEO Nardelli likely to leave company after bankruptcy proceedings.

Plus: Will temporarily shut down production beginning Monday.