GM and Chrysler to meet with Obama’s auto team on Thurs.

Obama’s auto task force will be meeting with executives from GM and Chrysler later this week as the two automakers face a March 31 deadline to win concessions from the UAW and bondholders. Two administration official confirmed that auto team members from the Treasury and the White House’s National Economic Council will be meeting with GM CEO Rick Wagoner, COO Fritz Henderson and CFO Ray Young on Thursday.

This will be their first face-to-face meeting with the two automakers after the two submitted their restructuring plans on Feb 17. Besides questions about their plans, sources said that one of the urgent issues under discussion will be the need of more bailout money for the two automakers.

While they aren’t calling Steven Rattner the ‘car czar’ (he was originally the main candidate for the position), he will be present on Thursday to advise Obama’s auto team and will serve as counsler to U.S. Treasury Secretary, Timothy Geithner.

As you all know by now, General Motors is seeking an additional $16.6 billion while Chrysler is pitching for another $2 billion.

In a separate report by the Detroit Free Press, Chrysler said its cash could fall to $1.3 billion at the beginning of April, far below the $2.5 billion it needs to operate.

Source: Detroit News