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Can GM/Chrysler Pass Their Mid-Terms?

Remember in college when you had to turn in that mid-term exam? For me it usually meant pulling an all-nighter and telling myself that I could dress up a half-baked effort that would convince the professor that I really knew my stuff.

Today, GM and Chrysler face their own mid-terms of sorts, but with a big difference. They won't be able to "BS" the Treasury Department.

GM and Chrysler will turn in viability updates late today that will or will not have certain things to show the Federal government they are getting their acts together.

• GM and Chrysler will both show progress re-working their UAW contracts, but don't expect new labor agreements.

• GM will tell the government it's making headway with bond holders about lowering debt obligations, but these talks are going slower than work with th UAW contracts.

• Both companies still believe bankruptcy is not a good option. That said, GM will at least address the possibility. This will show the UAW and bond holders the company is serious about using all steps possible to lower cost obligations.

Much like a mid-term, these viability updates are a snapshot. The final exam comes March 31st.

    • GM, UAW Talks Progress, Board Reviews Plan

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Questions? Comments? BehindTheWheel@cnbc.com

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