WASHINGTON (CNN) - General Motors Corp. and Chrysler will submit detailed restructuring plans Tuesday, while the White House is expected to decide on whether to free up billions more in bailout dollars.
President Obama will release $4 billion more in loans to keep GM afloat, an Obama official and a company official confirm. But the automaker already was expecting that money as part of a commitment the Bush administration made in December.
The more important question is whether GM and Chrysler can deliver viability plans to the Obama administration and convince it that they can survive long term and deserve more government cash down the road.
Ford Motor Co. said in December that it had more cash on hand and that it should be able to avoid tapping into federal dollars unless weak auto sales continue longer than expected in 2009.
On Monday night, GM officials were locked in eleventh-hour talks with their bondholders as well as their union to try to win some last-minute concessions and make the company more viable.
Obama, meanwhile, is creating a task force to oversee the restructuring of the auto industry, a senior administration official said Monday.