People familiar with GM's thinking said the automaker could wring billions in cost savings out of Chrysler by folding most of its operations into GM rather than running Chrysler as a stand-alone company. GM could also benefit from access to Chrysler's estimated $11 billion in cash as GM continues to burn through an estimated $1 billion a month. 'While a GM-Chrysler tie-up would clearly be a high risk transaction from an operational perspective, such a transaction may give GM leverage over two key stakeholders: the UAW and banks,' JP Morgan auto analyst Himanshu Patel wrote in a research note Monday. 'By saving Chrysler from a liquidity event, GM may also be able to get itself much needed secured bank financing from the same banks that are currently holding Chrysler debt.' Both Cerberus Capital Management LP, which owns the Auburn Hills automaker, and GM would like to conclude talks by Nov. 4. The Renault-Nissan alliance is still in talks with Cerberus about acquiring Chrysler. Among the hurdles to any deal is whether Congress would agree to provide financing to help a merger. Congressional aides said any kind of money would likely include strings. GM, too, is having trouble finding investors to help fund severance packages that would be necessary to significantly cut the merged company's work force, analysts said. GM has spent at least $4.7 billion in restructuring this year alone -- on top of $13 billion the company spent between 2005 and 2007 on restructuring to dramatically shrink its work force. A deal between the pair would require significant Capitol Hill lobbying by the CEOs and be certain to lead to hearings. The transaction would also face antitrust review by the Justice Department and Federal Trade Commission. David Cole, chairman of Center for Automotive Research in Ann Arbor, said he thinks the GM-Chrysler deal is a '90 percent certainty.' He said the federal government is likely to financially support a tie-up. 'The cost of a cleanup would be a lot of more than preventative measures,' he said. 'The banks are pushing hard. They want to see a consolidation. A combined GM-Chrysler becomes too big to fail from a policy standpoint.' Another key to the deal is what kind of form government help would take, whether it's more money or hastening assistance plans already in the works.