GM Loans May Top $30 Billion

Additionally, Chrysler, like GM, said it has made progress in talks with debt holders and the United Auto Workers, both of whom would have to make concessions before the companies present restructuring plans on March 31.

Will the Obama administration choose to expend its capital, political and financial, on such a massive bailout? No doubt the question will soon be a headace for the new president and his team, given the public's mixed opinion and congressional Republicans' firm opposition, when automakers sought federal assistance in December.

Asked whether the Treasury was aware that GM would seek more money, CFO Ray Young responded: "We've been in regular contact with Treasury, we submit regular cash forecasts, (and) they fully understand we will be coming in with additional requirements."

Meanwhile, Wagoner noted that GM will maintain its commitment to developing energy-efficient cars, including the Chevrolet Volt, that reduce dependence on foreign oil. Additionally, Wagoner said he anticipates that President Obama will be receptive, given the administration's focus on stimulating employment. "The role the auto industry plays, it's a powerful job creator," he said.