U.S. Treasury Secretary Timothy Geithner and White House economic advisor Lawrence Summers Friday morning are slated to hold their first meeting of the Presidential Task Force on the Auto Industry.

At the meeting today, the two officials are expected to officially begin considering recovery plans put forth by General Motors Corp. (GM) and Chrysler LLC. Both auto firms have requested billions of dollars in additional aid.

On Tuesday, the troubled companies said they need at least $21.6 billion more in loans to put them on path towards recovery. The requests were part of plans the auto makers were required to submit based on the terms of government loans they received in early January.

Upon receiving the restructuring reports from GM and Chrysler earlier this week, Geithner noted in a statement that the task force would meet "to analyze the companies' plans and to solicit the full range of input from across the administration on the restructuring necessary for these companies to achieve viability."

The meeting, which will be held at the Treasury Department, is expected to officially kick off negotiations between the administration and the auto makers. According to a Treasury notice, the meeting will be closed to the press.

The Obama administration earlier this week reacted to requests for billions of dollars in additional aid to the auto firms by noting that it will take a great deal of support to keep the struggling companies viable.

"It is clear that going forward, more will be required from everyone involved - creditors, suppliers, dealers, labor and auto executives themselves - to ensure the viability of these companies going forward," White House Press Secretary Robert Gibbs said in a statement Tuesday evening.

Meanwhile, key leaders on Capitol Hill seemed to remain hopeful that the company and government officials can work together to find a reasonable solution that could help revive the U.S. auto industry.

House Speaker Nancy Pelosi, D-Calif., said in a statement earlier this week that the plans represent "the next step in what has been a difficult and disappointing chapter for the American economy, but I hope it will become the transformation of our domestic automobile industry into a viable, technologically advanced and globally competitive manufacturing force."

At the same time, a senior Republican senator said that no more taxpayer money should be given to Chrysler until its parent company, Cerberus, agrees to inject more funds into the firm.

"This is a private equity-owned company," said Sen. Judd Gregg, R-NH. "I don't see how we put any more taxpayer money into it. (Cerberus) has enough money, if it wants to put up money it should do so."

-By Maya Jackson Randall, Dow Jones Newswires; 202-862-9255, maya.jackson-randall@dowjones.com

(Josh Mitchell and Corey Boles contributed to this report.)