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In order to gain access to additional bailout funds, automakers GM and Chrysler face today's deadline to submit detailed restructuring plans.

To qualify for funding, the automakers must demonstrate long-term viability during restructuring.

Hit by the one-two punch of escalating gas prices followed by the recession, America's "Big Three" auto producers have suffered massive losses.

Also announced today, President Obama is coalescing an oversight board for the auto restructing process. The task force will include members from the departments of Treasury, Labor, Transportation, Commerce and Energy; the National Economic Council; the White House Office of Energy and Environment; the Council of Economic Advisers; and the Environmental Protection Agency, the official said.

To read the CNN news release on this story, click here.

Labels: automakers, economy, energy