Stocks tumbled this morning as details were revealed for the revised auto industry bailout.

The Dow Jones industrial average fell 202 points, or 2.6 percent, in the early going, and the Standard & Poor 500 index lost 21 points, or 2.6 percent. The Nasdaq composite lost 39 points, or 2.6 percent.

President Barack Obama addressed the nation at 10 a.m. Iowa time, saying the failure of the industry is not the fault of its workers but a “failure of leadership” in Washington and Detroit, MSNBC reported.

“We cannot continue to excuse poor decisions. And we cannot make the survival of our auto industry dependent on an unending flow of tax dollars,” Obama said, making sure to note that “the United States government has no interest or intention of running GM.”

Late last night, the federal government said it will provide additional funds for General Motors Corp. and Chrysler LLC, which have already been given $17.4 billion; however, both companies must undergo significant restructuring, administration officials said.

“While Chrysler and GM are different companies with different paths forward, both have unsustainable liabilities and both need a fresh start,” according to an administration document.

General Motors didn’t delay its restructuring process, which began earlier this morning when CEO Rick Wagoner announced his resignation, which he said came at the request of the Obama administration.

“On Friday I was in Washington for a meeting with administration officials. In the course of that meeting, they requested that I ‘step aside’ as CEO of GM, and so I have,” Wagoner said in a statement posted to the GM Web site.

GM is expected to have 60 days to prove it can run a viable business. Chrysler has been given 30 days to prove its viability; however, the Obama administration said part of its restructuring plan should include a merger deal with Italian automaker Fiat S.p.A. If Chrysler is successful, the administration is prepared to lend it $6 billion.