A surprise announcement about the Chief Executive of GM, just a day before President Obama is expected to make a big announcement about whether he'll bail out the auto industry.

Embattled GM Chief Rick Wagoner announced his resignation late Sunday.  A person with knowledge of Wagoner's plans says he'll step down immediately as Chairman and CEO. The White House demanded the resignation -- and other big changes from Detroit -- if they want Washington's money.

The Obama administration plans to give General Motors enough government aid to restructure over the next 60 days, while Chrysler will get up to $6 billion and 30 days to complete an alliance with Italian automaker Fiat. The President's plan includes government backing of warranties for GM and Chrysler vehicles to give consumers confidence.

GM has already received $13.4 Billion in loans and wants another 16.6 Billion. Chrysler has $4 billion and wants $5 billion more.