According to sources cited in a story by Bill Vlasic for the New York Times, President Barak Obama has decided not to appoint a "car czar," but rather to assemble a panel of economic advisers to oversee the rehabilitation of General Motors and Chrysler.

Treasury secretary Timothy F. Geitherner and the chairman of the National Economic Council, Lawrence H. Summers, will supervise the agreements in place with the two companies that have resulted in $17.4 billion in federal loans. Ron Bloom, an expert in corporate restructuring, is expected to be named as a senior adviser to Treasury on the auto crisis.

Speaking on the NBS Sunday morning show, "Meet the Press," Obama adviser David Axelrod said, "We're going to need a restructuring of these companies" [that will] "require sacrifice not just from the auto workers but also from creditors, from shareholders and the executives who run the company."

Both GM and Chrysler will be presenting plans to the administration on Tuesday, February 16 illustrating how they will achieve long-term viability. The plans will likely be reviewed for a couple of weeks before the administration okays the release of more loan funds. If the plans are not to the presidential liking, a government-backed bankruptcy has not been ruled out for either company.