WASHINGTON (AFP)--President Barack Obama will unveil on Monday a
much-anticipated plan on the future of ailing U.S. auto makers, his
spokesman said Friday.
"A task force is meeting today," spokesman Robert Gibbs said.
"They are finishing up the decisions that have to be made and put
in place. The president will make an announcement on Monday."
Obama's auto task force has been working to solve the woes of
the auto makers, which have been pushed to the brink of bankruptcy
in the economic recession amid a global downturn in car sales.
Two of the firms, General Motors Corp. (GM) and Chrysler, have
asked for another $21.6 billion in US aid on top of the $17.4
billion in emergency loans approved in December as they struggle to
survive.
Ford Motor Co. (F), the other in the trio, has said it has
enough cash to survive the downturn without government aid.
The New York Times reported on its Web site late Friday that the
Obama administration was likely to extend more short-term aid to
General Motors and Chrysler on Monday, but impose a strict deadline
for bondholders and union workers to make concessions that would
help the ailing auto makers become viable businesses and avert
bankruptcy.