White House Braces for Auto Makers Seeking Federal Funds

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WASHINGTON (CNN) — As auto giants General Motors and Chrysler face Tuesday’s deadline to submit plans to show the government how they can repay billions in federal loans, the White House is creating a Presidential Task Force on Autos to oversee the restructuring of the auto industry, a senior administration official said.

The task force will include members from the Departments of Treasury, Labor, Transportation, Commerce, and Energy, the National Economic Council (NEC), the White House Office of Energy and Environment, the Council of Economic Advisers and the Environmental Protection Agency, the official said.

It will be overseen by Treasury Secretary Tim Geithner and NEC Director Larry Summers.

Geithner will oversee the loan agreements with the automakers.