Obama Auto Panel Meets At White House

By: Associated Press
By: Associated Press

The Obama administration's auto industry task force was meeting Friday to review the status of General Motors Corp. and Chrysler LLC, which are surviving on $17.4 billion in loans.

Cabinet-level members of the panel, led by Treasury Secretary Timothy Geithner and White House economic adviser Larry Summers, were at the White House to review restructuring plans from GM and Chrysler.

The government could recall its loans if GM and Chrysler fail to sign deals for debt restructuring and other concessions from stakeholders by March 31.

The panel has been gathering information from executives with GM, Chrysler and Ford Motor Co., auto suppliers, bondholders, and labor officials. A group of car dealers met with the panel earlier Friday.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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