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According to White House spokeswoman, Barack Obama’s administration is working “around the clock” to form a solution to the problems being faced with General Motors, Chrysler and the auto industry.

“The administration is very mindful of the challenges in the auto sector,” the spokeswoman said. “Our team is working around the clock to develop the most thoughtful approach possible to the situation.”

Leaders from Obama’s auto task force will be heading to Detroit next week to meet with auto industry and labor officials. They will discuss the danger of an immediate collapse of GM and Chrysler if loans do not come by the end of this month.

Steven Rattner and Ron Bloom will be heading to Detroit with members of the U.S. Treasury. A spokesman from the White House said that final details of the trip are still being worked out.

Source: Detroit Free Press

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