Tuesday, May 24, 2011

Obama's Statement on Chrysler Repaying U.S. $5.1 Billion

Chrysler Group pays back $5.1 billion in loans to the U.S.
Chrysler’s repayment of its outstanding loans to the U.S. Treasury and American taxpayers marks a significant milestone for the turnaround of Chrysler and the countless communities and families who rely on the American auto industry. This announcement comes six years ahead of schedule and just two years after emerging from bankruptcy, allowing Chrysler to build on its progress and continue to grow as the economy recovers. Supporting the American auto industry required making some tough decisions, but I was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company. I said if Chrysler and all its stakeholders were willing to take the difficult steps necessary to become more competitive, America would stand by them, and we did. While there is more work to be done, we are starting to see stronger sales, additional shifts at plants and signs of strength in the auto industry and our economy, a true testament to the resolve and determination of American workers across the nation.
Biden calls Chrysler, union:
Earlier today, Vice President Biden called Sergio Marchionne, CEO of Chrysler; Bob King, President of the United Auto Workers (UAW); and Frances Soehartono, a worker from Chrysler’s Jefferson North Plant, to congratulate them on Chrysler’s repayment of $10.6 billion in U.S. government loans more than six years ahead of schedule. Vice President Biden hailed Chrysler’s return to profitability and recent job creation, expressing confidence that today’s milestone marks a turning point for the entire American auto industry. Vice President Biden acknowledged the tremendous sacrifices made by many Chrysler workers and their families over the past two years, and he emphasized his conviction that Chrysler’s historic turnaround is due to the high quality of American workmanship and the dedication of workers like Frances Soehartono.