Obama’s auto task force held first meeting today, will offer recommendations at next meeting

The auto task force held its first meeting today at the U.S. Treasury department to discuss the survival of General Motors and Chrysler LLC. The U.S. Treasury department released a statement saying that task force members today “presented their initial analyses of the auto companies’ restructuring plans. Participants discussed issues including financial and operational restructuring, improving competitiveness of wage and benefit structures, and progress toward creating clean, competitive cars of the future.”

According to Automotive News, the auto task force will make its initial recommendation at its next meeting which could be as early as next week.

President Barack Obama was not present today but White House Press Secretary Robert Gibbs said he is likely to attend future meetings. The task force has to decide by March 31st whether the restructuring plans submitted by GM and Chrysler can ensure long-term viability through tough economic times.

Both automakers have asked for an additional $21.6 billion and have already received a total $17.4 billion in bail out.