Barack Obama, General Motors | featured news

"If he [Obama] didn't come through and give that vote and say, 'Yes we have got to save Chrysler. We have to save GM. We've got to do this,' all this Sterling Heights would have been gone, would have been dead."

...Vice President Joe Biden on Thursday portrayed Romney as weak and waffling when it comes to foreign policy, an issue on which Democrats feel they have the advantage in the fall campaign... Biden also repeated what he has said should be the bumper sticker slogan for the Obama campaign: "Bin Laden is dead and General Motors is alive."

In seeking support in Michigan, Obama speaks frequently about how the federal bailout of General Motors Co. and Chrysler Group led to GM's resurgence as the world's No. 1 automaker and 32,000 more auto-related jobs in the state since the companies emerged from their 2009 managed bankruptcies. Romney opposed the move, even writing a New York Times opinion piece in 2008 that carried the headline "Let Detroit Go Bankrupt."

The deal between General Motors and the Obama administration solves a problem that could have troubled the company’s plan for quick restructuring.

After 100 years in business and 10 months of frenzied but failed restructuring, General Motors Corp is weeks from the bankruptcy filing experts say will be required to complete the Obama administration's bid to reshape a fallen icon of American industry.

The United Auto Workers union expects a crucial round of restructuring talks with General Motors Corp "to intensify this coming week" ahead of an end-of-May deadline set by the Obama administration.

Facing Obama administration demands that it move quickly to restructure, General Motors is apparently speeding plans to drastically trim its dealership network. Reuters reports, "General Motors Corp has told U.S. dealers it is accelerating its timetable for closing about 1,700 dealerships as it rushes to meet a June 1 deadline to restructure under U.S. government oversight, people with knowledge of the discussions said." General Motors currently supports more than 6,200 ...

President Obama is making a formal announcement this hour about his plans for troubled automakers General Motors and Chrysler, which have already been given $17.4 billion to keep them running.

The Obama administration asked Rick Wagoner, the chairman and CEO of General Motors, to step down and he agreed, a White House official said.

President Barack Obama will announce the next steps to help General Motors Corp and Chrysler LLC on Monday, the White House said, amid signs of progress for GM in talks aimed at slashing its debt and cutting costs in response to slack demand.