| For immediate release April 21, 2010 |
Contact: Erin Donar
202-225-3611
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| Kildee Applauds G.M. For Repaying All Gov’t Loans Ahead of Schedule | ||||
| Auto industry has created 45,000 jobs since July 2009 | ||||
| WASHINGTON, D.C. – Today, General Motors announced that it has now repaid its entire $6.7 billion U.S. government loan. Additionally, the White House has released a report on the state of the auto industry. According to the report, in 2008 industry analysts predicted that if G.M. and Chrysler went out of business, at least 1 million jobs could have been lost. Instead, since GM exited bankruptcy in July 2009, the industry has added 45,000 jobs. As Co-Chair of the Congressional Automotive Caucus and a native of Flint, MI, the birthplace of G.M., Congressman Dale E. Kildee (D-MI) has worked tirelessly to return the company to productivity and profitability and welcomed this encouraging news. He released the following statement: “Today’s announcement by G.M. that it has repaid all its government loans is extremely encouraging news about the health of the domestic auto industry. Last winter, I was an active supporter of short-term government loans to help G.M. stabilize its operation and maintain jobs in our communities. Since then, G.M. has exceeded industry expectations and made a strong financial showing. Today’s announcement is even more evidence that these loans were a wise investment and not a government bailout as charged by some critics. It is another encouraging sign that G.M. has emerged from bankruptcy as a stronger and more viable company. I look forward to G.M. continuing on a path to productivity and profitability and once again driving the American economy. I have always said that what America drives, drives America and I am committed to a strong and vibrant domestic auto industry. The health of our auto industry is critical to the economic stability of our local communities, our state and our entire Nation. I will continue to work with the Administration, G.M. and other stakeholders to protect our workers and auto communities and ensure the future success of this American icon.” On November 16, 2009, G.M. announced that it would start repaying its government loans more than five years ahead of schedule. On January 25, 2010, the company committed to repaying all its loans by June of this year. |
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