The U.S. admin­istration is finishing work on a plan to give more financial aid to General Motors and Chrysler in return for tough cost-cutting measures that will ensure the companies’ survival.

U.S. Presi­dent Barack Obama’s task force is expected to set firm dead­lines for the automakers to obtain concessions from their stakeholders.

Bankruptcy could still be an option for GM and Chrysler if their management, workers, creditors and shareholders fail to make sacrifices.

Obama will announce his decision today.

General Mot­ors chief executive Rick Wagon­er is stepping down immediately, according to a person with knowledge of GM’s plans.