GM, Chrysler on the brink of bankruptcy

US automakers General Motors and Chrysler are likely to face bankruptcy after a White House task force rejected their money request for survival. 

In two separate reports, the White House said on Monday that the automakers had failed to lay out viable plans for their ailing companies. 

President Barack Obama said that GM and Chrysler had not done enough to save themselves since receiving a $17.4 billion bailout in December. 

The task force concluded both companies had failed to meet the conditions for the bailouts by a March 31 deadline, and as a result neither company had "satisfied the terms of its loan agreement." 

GM requested for up to $30 billion in new loans and Chrysler had wanted another $5 billion in loans to ride out the weakest market for new cars in almost 30 years. 

"We have unfortunately concluded that neither plan submitted by either company represents viability and therefore does not warrant the substantial additional investments that they requested," said a senior administration official, who asked not to be identified. 

GM and Chrysler had warned that without extra funds they were teetering on the brink of bankruptcy. 

Obama is due to unveil his plan for the future of the auto industry later on Monday.