The CEOs of

General Motors

(GM) - Get Report

,

Ford

(F) - Get Report

and

Chrysler

and the head of the United Auto Workers plan to meet with House Speaker Nancy Pelosi Thursday to discuss access to government funding for the auto industry, according to reports.

Auto sales in the U.S. last month plunged to the lowest level since 1983 and GM has posted almost $70 billion in losses since the end of 2004, according to a

Bloomberg

report.

U.S. President-elect Barack Obama made it clear during his campaign that he understood the automakers' problems and would work to preserve the industry, Sen. Carl Levin (D-Mich.,) said Wednesday, the

Associated Press

reports.

Levin said Obama expressed support for doubling an Energy Department loan program for automakers to develop fuel-saving technology to $50 billion from $25 billion.

GM and Ford are expected to post billions of dollars of losses when the companies report earnings Friday, and more job cuts and plant closings could be disclosed, the

AP

reports.

GM is in negotiations to acquire Chrysler with Chrysler's majority owner Cerberus Capital.

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This article was written by a staff member of TheStreet.com.