March 9th, 2009
03:15 PM ET
2 years ago

CNNMoney.com: A $21.6 billion test drive

Representatives of the Obama administration visited Detroit Monday to test drive the Chevy Volt, pictured here in a file photo.
Representatives of the Obama administration visited Detroit Monday to test drive the Chevy Volt, pictured here in a file photo.

NEW YORK (CNNMoney.com) – The Obama administration's top auto advisors were in the Detroit area Monday to meet with officials from General Motors and Chrysler, test drive a new electric car and try to chart a course for the industry's rescue.

March 31 is the stated deadline for the government to decide whether General Motors and Chrysler LLC, which have already received $17.4 billion in loans between them and have asked for up to $21.6 billion more in the coming weeks to help them avoid running out of money, deserve another bailout.

Steven Rattner and Ron Bloom, two former investment bankers brought in to advise the Treasury Department on the best course for saving the automakers, and Diana Farrell and Brian Deese, two members of the National Economic Council, made the visit to Detroit Monday.

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Filed under: Auto Bailout • Obama administration
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