General Motors Corp. and Chrysler will be heading back to Washington with new plans on how they will restructure their companies.
"Well, the approach that the administration has settled on I think provides a vast amount of expertise that crosses a number of governmental agencies and departments, and brings in the vast amount of experience that the administration has to deal with the auto restructuring -- any auto restructuring issues," press secretary Bob Gibbs told reporters aboard Air Force One. "So I think that the model that's been set up with Secretary Geithner and Dr. Summers is one that will help coordinate throughout the federal government the responses that include energy, transportation, as well as the economic team."
Treasury secretary Tim Geithner will oversee the $17.4 billion in loans for GM and Chrysler.
President Barack Obama has held firm on his insistence that those auto makers receiving bailout money must have plans to restructure their factories to produce clean, fuel-efficient cars for the future.
 ABC News |
DetNews.com -
WASHINGTON -- The White House confirmed Monday it is naming a Presidential Task Force on Autos, rather than an auto czar to oversee the restructuring of General Motors Corp.
Video: Obama Cuts Plans for 'Car Czar' GM And Chrysler Head Back To DC With New Plans
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