Mich Rep: Auto Task Force Could Make Announcement Next Week

Members of President Barack Obama's auto task force told U.S. lawmakers that it might make an "illuminative" announcement as early as next week on bailout requests by General Motors Corp. (GM) and Chrysler LLC, an auto-industry ally on Capitol Hill said Wednesday.

During a meeting this week, task force members told lawmakers to expect "something very illuminative" possibly next week, Rep. Candice Miller, R-Mich., told reporters during a conference call.

Miller said the announcement may not necessarily involve a final decision by the task force but that it "could certainly give us a bit of a road map of where their recommendations may lead."

The task force is considering requests by GM and Chrysler for almost $22 billion combined in new loans. GM and Chrysler are supposed to submit updated restructuring plans, including concessions by union workers and debtholders, by March 31.

The task force is also considering a request by auto parts suppliers for aid programs totaling $25.5 billion. The request by the suppliers, many of which serve multiple auto makers, is believed to be more pressing.

-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; [e-mail]