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Reports: White House Asks GM Chief to Resign

U.S. media reports say the White House has asked the head of struggling General Motors, Rick Wagoner, to resign as part of President Barack Obama's plan to rescue the U.S. car industry.

There has been no comment from GM or the White House, which is expected to announce details of the next round of help for the car companies Monday.

General Motors and Chrysler got more than $17 billion in government loans under President George W. Bush. They are now asking Mr. Obama for $21 billion more.

The president told CBS television's Face the Nation Sunday that automakers must do more if they want additional money from the government. He said this means all parties, including management, labor and shareholders, must make sacrifices.

The president said he believes the United States can have a successful auto industry. But he said it must be designed to weather the economic storm and emerge "more lean, mean and competitive."

A presidential task force has been reviewing restructuring plans for U.S. automakers General Motors and Chrysler to determine if it is realistic for them to keep operating.

A third major U.S. automaker, Ford, has not asked for government help.

Some information for this report was provided by AP and Reuters.