Issues with General Contractor - I want to hear your opinion!

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Hello friends! Bit of a long read but I REALLY want to hear everyone's opinion on this and help manage expectations here. I worry I may be a bit harsh on this but I don't want to continue being so lenient either..
TL;DR: New general contractor has me setting up subcontractors, does not stay in budget, does not communicate issues, pushes dates. What should I do?

And now for the TL...  We recently hired a GC for a rehab and they were lacking in some experience but overall had a few remodels under their belt so we ended up considering someone new for one of our projects. Originally, this was a 6 week rehab (realistically a 4 week project but I was nice and gave an extra 2) slated to finish by end of August. As an owner, I don't helicopter nor do I want to be hands on because everyone hates a micromanager so I let him drive the project. Well, 2 weeks in and he didn't schedule anyone to start working.. I was concerned but I was told the schedule was compressed and there truly was more than enough time in the project to finish everything. By September, none of the work was done but the GC claimed it was due to unforeseen issues once we did some demo and opened up walls. Again, I understand this happens, but I wasn't notified of it until I followed up again. We wrote up a change order and modified the SOW and what was a 6 week project, now became an 8 week project that wasn't starting until beginning of October and ending at the end of November. I've been making frequent check ins for updates and somehow, any issues they have with getting subs has been pushed to me. I'm making the calls, I'm gathering bids, I'm setting up schedules. I check in again this week and I am told there is "no way" we make the new planned end date.

I'm at a loss here.. Have you had a similar experience? What did you do to get the project over with? With loss of rent, home values dropping, and our current financing, we are losing thousands by pushing out these dates. We do have verbiage in the contract stating they'll be billed for each day beyond the contract end date so I feel we're forced to enforce it at this point.. Am I being reasonable for being so ticked off that I have to manage this GC?

As always, THANK YOU!