U.S. Republicans and a leading U.S. business lobby on Monday assaulted President Barack Obama's plan to take a 60 percent ownership stake in General Motors (GM).

Republican National Committee (RNC) Chairman Michael Steele, said in a statement that the plan "is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign."

Thomas Donohue, president of the U.S. Chamber of Commerce, said the plan "could jeopardize the automakers' chances for survival, put politics and special interests above sound business strategy and disrupt our nation's trading relationships across the world."

He said that the chamber will be monitoring the plan moving forward.

The 30-billion-U.S.-dollar in assistance Obama announced Monday means the total government investment to GM will be about 50 billion dollars.

The president has repeatedly said he has no interest in the federal government running a U.S. automaker.

Source:Xinhua