Obama also urged President Bush to quickly help automakers, going far beyond what the Bush Administration has been willing to support, a person familiar with their meeting Monday told The Detroit News. Obama urged Bush to help the automakers 'including accelerating the $25 billion Congress already passed, exploring other authorities that exist under current law, and identifying someone in charge of the auto issue who would have the authority to bring about reforms that would lead to an economically viable auto industry,' a person briefed on the Monday meeting said. Bush raised the need to pass the Colombian Free Tree Agreement, but White House spokeswoman Dana Perino on Tuesday denied reports that he had suggested Democrats support it in exchange for more aid for automakers. Podesta also told reporters there was no quid pro quo discussed during a meeting between Obama and Bush on Monday. 'The Columbia Free Trade Agreement should be dealt with on its own merits,' Podesta said. Obama also raised the need for 'urgent action on an economic recovery plan that would create jobs and relieve the squeeze on families,' a person familiar with the meeting said. The pair also discussed the 'need for action to keep more Americans in their homes using the tools that the Treasury and other government agencies already have through the financial rescue and the Dodd-Frank legislation passed over the summer.' GM warned Friday that it may run of money by early next year and not be able to meet its minimum funding requirements. The company lost $2.5 billion in the third quarter, burning through $6.9 billion. Ford Motor Co. burned through $7.7 billion in the third quarter but is in a better position since it borrowed more money before the credit crisis hit. GM's shares fell to their lowest price in more than 65 years on Tuesday, falling 17 percent to $2.80 a share, down $0.56 after the company's stock fell to its lowest close in more than 60 years Monday on fears that shareholders would be wiped out in a federal bailout. Tuesday's intra-day for GM was its lowest price since January 1943. GM Chairman and CEO Rick Wagoner told Automotive News on Monday that the company needs help before Obama takes office on Jan. 20. 'This is an issue that needs to be addressed urgently,' Wagoner told the trade publication. Wagoner said the company's cash burn in the fourth quarter will decline to about $1 billion a month. 'We expect our fourth-quarter cash burn -- even with a very weak industry -- to be more like the first two quarters,' he told Automotive News. Automakers want at least $25 billion in immediate bridge financing aid to help them survive through 2009 and another $25 billion to help them make payments to a United Auto Workers-run health care trust fund that is to pay for hourly retiree health care beginning in 2010. That's on top of an Energy Department $25 billion retooling program that Congress passed in September. But the department has said it's 'doubtful' they will award any money before next year. Chrysler LLC became the first major automaker to apply for funding under the retooling program on Monday, but a company spokeswoman declined to say how much or for what plant they are seeking funding. Healy Baumgardner, an Energy Department spokeswoman, said two applications have been received, declining to identify them. Auto suppliers are also eligible. Both GM and Ford said they haven't applied for funds yet. Obama on Friday called the auto industry 'the backbone of American manufacturing' and urged the Energy Department to speed up its processing of the retooling loans. But he hasn't said whether he favors granting automakers access to the $700 billion Wall Street rescue package. Congress may consider legislation when it returns on Nov. 17 for a brief session that would ease the financial viability requirements for automakers to take part in the retooling program as well as direct the Treasury Department to include them in the rescue package. Sen. Debbie Stabenow, D-Lansing, said Tuesday that Democrats are crafting 'simple instructions to the Treasury to use a portion of the $700 billion to make loans available to the auto industry.' The legislation would likely be part of an economic stimulus package congressional Democrats hope to pass in a lame-duck session of Congress.'We are poised to pass a stimulus package,' Stabenow said. But if the White House opposes a new stimulus, or ties it to controversial trade deals with Colombia or South Korea, 'then they're going to make it extremely difficult,' she said. You can reach Robert Snell at (313) 222-2028 or rsnelldteom.