Administration says auto restructuring needed

/ Source: The Associated Press

The Obama administration says fundamental restructuring is needed to address the problems facing the auto industry.

The administration issued a statement following the first meeting of its auto task force stressing that officials understand the urgency of dealing with the auto problems.

The statement says the task force, headed by Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers, asked for additional analysis and initial recommendations for what needs to be done next.

The task force was announced earlier this week after the administration decided not to appoint an auto czar to oversee the multibillion-dollar bailout packages extended to General Motors and Chrysler. The two companies submitted requests on Tuesday for an additional $21.6 billion.