Obama says his team is reviewing GM, Chrysler viability plan

While offering no hint whether or not his administration will approve GM and Chrysler’s request for another $21.7 billion in emergency loans, President Barack Obama said today that his economic team is currently reviewing the viability plans submitted by the two automakers earlier this week.

“We are deeply concerned about the current state of the North American auto industry,” Obama said, at a news conference in Ottawa, Canada, where he is currently visiting. “There is going to have to be a significant restructuring of the auto industry.”

Obama’s auto task force is scheduled to meet for the first time tomorrow, the same time when Canadian Prime Minister Stephen Harper will announce the Canadian government’s aid package for the automakers.

GM is requesting a total of $16.6 billion in additional loans while Chrysler is requesting an additional $2 billion.

Source: Detroit News