the administration regarding the restructuring of the U.S. auto industry . '' GM and Chrysler face a Tuesday deadline to prove to the Treasury Department that they can be viable in the long term . Without such a finding , the government can recall the $ 13.4 billion it already loaned to GM and the $ 4 billion it loaned to Chrysler . Wagoner , a 32-year company veteran , has been CEO of General Motors since 2000 . Before becoming CEO , he was chief operating officer and led the company 's North American operations . He also served as chief financial officer from 1992 to 1994 . A senior GM official official told CNN that the White House and its auto task force had `` sent very clear signals '' that the key to more help was `` new leadership '' and something that would help the administration see real change . General Motors has been hit hard as auto sales have plummeted . Sales have continued to tumble through the early months of this year , falling 40 percent across the industry and about 50 percent at GM and Chrysler . The companies and industry analysts have
WASHINGTON -LRB- CNN -RRB- -- 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 . Fritz Henderson , GM 's chief operating officer , is expected to be named GM 's interim CEO , according to two GM sources . A GM spokesman declined to comment on reports of Wagoner 's resignation . A company statement said : `` We are anticipating an announcement soon from