NEW YORK -- A senior member of President Barack Obama's auto task force testified Wednesday that the U.S. government will not continue to fund General Motors' operations if the automaker doesn't get approval to sell its assets to a new company within the next 10 days, according to The Associated Press.

"We have no intention to further fund this company if the sale order is not entered by July 10," Harry Wilson, one of the Treasury Department officials overseeing GM's restructuring, said while being cross-examined by an attorney for a group of GM bondholders opposing the sale.