Washington, D.C. ? The leaders of President Barack Obama’s auto industry task force said Friday the industry urgently needs an overhaul.

The task force, led by Treasury Secretary Timothy Geithner and White House economic aide Larry Summers, met for the first time to review a multibillion-dollar bailout package given to General Motors Corp. and Chrysler LLC and requests for billions in more funding.

Geithner and Summers “emphasized the urgency of the issues affecting the American auto industry and the need for fundamental restructuring,” the Treasury Department said in a statement.

The panel “discussed issues including financial and operational restructuring, improving competitiveness of wage and benefit structures, and progress toward creating clean, competitive cars of the future,” the Treasury said.