http://www.ft.com/cms/s/0/72e5d0f8-1d40-11de-9eb3-00144feabdc0.html?nclick_check=1

Adopting a more interventionist approach to the car crisis, the president announced tax incentives for new car purchases. Mr Obama said he would support so-called “cash for clunkers” legislation, which incentivises people to trade in their old cars.

GM, whose chief executive Rick Wagoner was ousted on Sunday under pressure from the White House, has 60 days to come up with a tougher restructuring plan in return for more government support. Both companies will receive working capital before the deadlines.

“Year after year, decade after decade, we have seen problems papered over and tough choices kicked down the road, even as foreign competitors outpaced us,” said Mr Obama, condemning a “failure of leadership – from Washington to Detroit”

slam 酷評する，こきおろす.

clunker おんぼろ車.役に立たないもの

oust 〈人などを〉〔…から〕追い出す 〔from〕

paper over 〈欠点などを〉包み隠す, 取り繕う.

kick down け飛ばす

outpace 〈…を〉しのぐ，〈…に〉まさる.