Obama: GM Restructuring "Tough But Also Fair"
AP: President Obama said Monday that General Motors’ bankruptcy plan is viable, achievable and will help automaker move toward profitability. “I recognize the importance of a viable auto industry,” Obama said at a press conference at the White House following GM’s bankruptcy filing. He said a collapse of GM would have been “devastating” for the U.S. economy and added that the government-led bankruptcy plan was “tough but also fair.” He also said he is confident GM will emerge from bankruptcy process quickly.
