WASHINGTON (CNN) -- The Obama administration is giving General Motors 60 days worth of financing for restructuring, according to senior administration officials. General Motors' Rick Wagoner, CEO of the company since 2000, is on his way out, sources say. Chrysler will receive as much as $6 billion and 30 days to complete an agreement with Italian automaker Fiat, the officials said. Meanwhile, White House and GM sources told CNN Sunday that GM Chief Executive Rick Wagoner will resign as part of the federal government's bailout strategy for the troubled automaker. Wagoner's departure comes as President Obama is expected to announce Monday the latest details of the government's plans for restructuring GM and Chrysler LLC, which have been pushed to the brink by huge losses and a sharp decline in sales.
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Departure of General Motors' CEO part of government's bailout strategy, sources say
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GM official: White House signaled that "new leadership" was key to more aid
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Officials: GM to get 60 days of financing; Chrysler could get $6 billion
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GM, Chrysler were told to prove viability to Treasury Department by Tuesday
Without such a finding, the government can recall the $13.4 billion it already loaned to GM and the $4 billion it loaned to @placeholder.
@placeholder has repeatedly spoken about the importance of saving the struggling auto industry, and on March 19, the Treasury Department announced $5 billion in federal help for GM's and Chrysler's auto parts suppliers.
Obama has repeatedly spoken about the importance of saving the struggling auto industry, and on March 19, the Treasury Department announced $5 billion in federal help for @placeholder's and Chrysler's auto parts suppliers.