Another Big Week for the American Auto Industry
Vice President Joe Biden talks to Chrysler Dealer Ed Bonneville at Bonneville & Son Chrysler Jeep Dodge Ram during a visit to applaud Chrysler's repayment of U.S. Government loans ahead of schedule, in Manchester, NH, May 25, 2011. (Official White House Photo by David Lienemann)
On Tuesday, the U.S. Department of Treasury announced that Chrysler repaid its loans to the U.S. Treasurymore than six years ahead of schedule, bringing the total amount of money Chrysler has returned to taxpayers to $10.6 billion. The announcement “marks a significant milestone for the turnaround of Chrysler and the countless communities and families who rely on the American auto industry,” President Obama said in a statement. Next Friday, the President will visit a Chrysler plant in Toledo, Ohio where he will highlight that incredible turnaround.
Just two years ago, the American auto industry was on the brink of collapse. The President made a difficult decision to provide support to Chrysler and General Motors on the condition that all stakeholders make the sacrifices necessary to fundamentally restructure those companies and put them on a path to viability.
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