General Motors may be putting their many brands on the chopping block, but things are infinitely worse over at Chrysler. The White House announced today that Chrysler LLC will be forced into bankruptcy protection. President Barack Obama is still scheduled to make an official announcement regarding a signed deal between Chrysler and Fiat, so stay tuned for more details.

An administration official told The Detroit News, "Their [Chrysler's] failure to act in their own economic interest or the national interest does not diminish the accomplishments made by Chrysler, Fiat, and its stake-holders, nor will it impede the new opportunity Chrysler now has to restructure and emerge stronger going forward." Chrysler's original restructuring plan was not accepted by the government and after failure to come up with something more substantial, it looks like bankruptcy is the best option for the American automaker.

We'll keep you posted as more details emerge.

+ The Detroit News: White House plans bankruptcy for Chrysler as talks fail