UPDATE: Obama To Unveil Plan For Auto Makers On Monday

WASHINGTON (AFP)--President Barack Obama will unveil on Monday a much-anticipated plan on the future of ailing U.S. auto makers, his spokesman said Friday.

"A task force is meeting today," spokesman Robert Gibbs said. "They are finishing up the decisions that have to be made and put in place. The president will make an announcement on Monday."

Obama's auto task force has been working to solve the woes of the auto makers, which have been pushed to the brink of bankruptcy in the economic recession amid a global downturn in car sales.

Two of the firms, General Motors Corp. (GM) and Chrysler, have asked for another $21.6 billion in US aid on top of the $17.4 billion in emergency loans approved in December as they struggle to survive.

Ford Motor Co. (F), the other in the trio, has said it has enough cash to survive the downturn without government aid.

The New York Times reported on its Web site late Friday that the Obama administration was likely to extend more short-term aid to General Motors and Chrysler on Monday, but impose a strict deadline for bondholders and union workers to make concessions that would help the ailing auto makers become viable businesses and avert bankruptcy.