DETROIT — The Obama administration is likely to demand deeper concessions from Chrysler LLC and General Motors Corp. in exchange for additional federal loans, a person briefed on the government’s plan said Friday.
The concessions could go beyond the requirements imposed by the Bush administration when it agreed to loan the automakers money last year, said the person, who asked not to be identified because the government’s plans have not been revealed.
President Barack Obama will announce the administration’s plan for the auto industry Monday.
White House press secretary Robert Gibbs said Obama’s auto task force was “winding down the decisions that have to be made” and finalizing the plan.
Both automakers are operating on a total of $17.4 billion in government loans, trying to weather the worst auto sales downturn in 27 years.
In addition, GM is seeking another $16.6 billion, while Chrysler wants $5 billion more.
General Motors chief executive Rick Wagoner met with members of the task force Friday, an Obama administration official said.
The term sheets that came with the first loans require extensive restructuring.
