US President Barack Obama's chief spokesman said the administration can't rule out a restructuring through bankruptcy for struggling automakers, while adding the industry is ``tremendously important'' to the economy.
White House press secretary Robert Gibbs said the administration won't ``prejudge'' the next steps for General Motors Corp. and Chrysler LLC until the automakers present their own plans under terms of a government aid package.
``I wouldn't preclude policy choices, particularly since we haven't seen details,'' Gibbs told reporters traveling with the president today to Colorado. The auto companies ``represent a huge part of our manufacturing base, and to have a strong and viable auto industry is tremendously important for the future.''
GM and Chrysler must submit a report today on progress in cutting labor and debt costs worldwide to keep $13.4 billion ($21 billion) in US government aid. GM may seek support beyond an $US18 billion request made Dec. 2 because of worsening economic conditions, people familiar with the automaker's plan said. Chrysler has said it needs at least $US3 billion in addition to $US4 billion it received.
Obama has decided against naming a ``car czar'' to oversee a revamping of the auto industry. Treasury Secretary Timothy Geithner and White House economic adviser Lawrence Summers instead will head a task force that will evaluate the plans submitted by GM and Chrysler.
Obama will be in Denver this afternoon where he will sign the $US787 billion economic stimulus bill passed by Congress last week and highlight the energy development components of the legislation.
