President Bush’s spokeswoman, Dana Perino, confirmed growing speculation within legal circles that the president and Treasury Secretary Henry M. Paulson Jr. were considering the step as part of an overall rescue package for the automobile industry.

The action would be unusual, and would require concessions by the United Automobile Workers union, suppliers, investment banks, the federal pension board, bondholders and other stakeholders in the two auto companies.

Ford Motor, which does not face an urgent need for capital, is not likely to be part of any rescue package.

Under one possibility that has been discussed, the government would give G.M. and Chrysler enough financing to operate for several months. Then a government-selected overseer would bring together company executives and other representatives to map out steps that would be taken once the two companies file for Chapter 11 protection.

“It’s not going to be easy, it’s not going to be pleasant, or palatable, but it’s the only solution that makes the least bit of sense,” said Hugh M. Ray, head of the bankruptcy practice at the Houston law firm Andrews & Kurth, who has participated in many major bankruptcy cases.

Major banks would provide debtor-in-possession financing for the companies to operate while under bankruptcy, with federal funds as security.

“I will tell you this: the president is not going to allow a disorderly collapse of the companies,” Ms. Perino said Thursday at a news briefing. “Disorderly collapse would be something very chaotic that is a shock to a system,” Ms. Perino said. “There’s an orderly way to do bankruptcies that provides for more of a soft landing. I think that’s what we would be talking about. That would be one of the options.”

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