President Barack Obama's attention auto industry upturn, visit a Chrysler plant in politically important Ohio as he seeks to illuminate a rare bright spot in the sluggish economic recovery.
Obama was to travel to Toledo on Friday, making the latest in a string of domestic TRIPs to promote his economic agenda and defend much maligned Government rescue packages being enforced at Chrysler and General Motors. The President planned to talk to the plant workers and local business owners about the importance of the industry's turnover.
The trip comes as the Government prepares to announce the may unemployment figures among signs that hiring may be slower. The Republican presidential election begins to take shape, the White House very aware that Obama's handling of the economy generates some of his highest public disapproval ratings.
"We have said from the start that way out of the darkness as we were when this President took office in the recession, deep into the recession that we were in, was not going to be smooth every step along the way," White House spokesman Jay Carney said.
Bush and Obama administrations spent 80 billion dollars to bail out General Motors and Chrysler, and to guide them through bankruptcy. Obama administration says it will make up more than 80 percent of that, and Obama intends to defend record bailouts and stimulus packages that money well spent.
A report from the President's National Economic Council said this week the taxpayers ' losses from the operation will be about 14 billion dollars. The Treasury Department had originally expected losses to almost 60 percent.
Chrysler announced last week it would pay off its remaining loans to the Governments of the United States and Canada ahead of schedule. And late Thursday, the Treasury announced an agreement to sell its remaining stake in Chrysler for 560 million dollars to the Italian automaker Fiat. It is still the $ 12.5 billion of the Treasury used to bail out Chrysler, approximately 1.3 billion dollars will not be back, "said the Treasury.
GM received 49.5 billion dollars in the U.S. bailout, and the Federal Government has recovered about half of it by selling part of its holding in the company. It intends to sell its remaining 26.5 per cent share of the company at a later time.
GM, Chrysler and Ford were reporting significant increases in sales, but the industry this week reported a Analysatorfallhastighet in May.
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