Sheet Metal Stamping Simulation

Two of the key administration figures that led General Motors and Chrysler through bankruptcy last year said Monday that the companies have made significant progress in turning around their operations.

Ron Bloom, senior manufacturing adviser to President Barack Obama, said the administration is pleased with the management of the two companies and is "hopeful, cautious ... not yet confident" that they'll fully recover.

Bloom talked with reporters along with U.S. Sen. Debbie Stabenow at her East Lansing office before speaking to the Michigan Manufacturers Association.

Bloom also said he hopes GM can begin selling shares of stock to the public by the end of the year.

"We're not putting a firm line in the sand; we're hopeful they'll be able to do it by the fourth quarter," Bloom said.

Meanwhile, Steven Rattner, who led the administration's automotive task force from February 2009 until last July, said both companies "are hitting all the milestones expected."

Rattner also said that saving the two automakers was money well spent -- even though GM Chairman and CEO Ed Whitacre may have stretched the truth in a commercial saying the automaker has repaid its debt.