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Presidential Automotive Task Force Meets

White House announced the formation of the task force earlier this week after deciding not to appoint an auto czar to oversee the multibillion-dollar bailout packages.

WASHINGTON (AP) -- The Obama administration is holding the first meeting of its newly formed presidential task force on the auto industry.

The administration says Treasury Secretary Timothy Geithner and National Economic Council Director Larry Summers will lead the meeting at the Treasury Department.

The administration announced the formation of the task force earlier this week after deciding not to appoint an auto czar to oversee the multibillion-dollar bailout packages extended to General Motors Corp. and Chrysler LLC.

The two companies submitted requests on Tuesday for an additional $21.6 billion.

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