Senate Democrats

Reid: G.M. Bankruptcy A Short-Term, Necessary Step That Will Help Get Detroit Back On Its Feet

Washington, DCSenate Majority Leader Harry Reid made the following statement today after General Motors Corp. filed for bankruptcy protection this morning:
“President Obama’s decision to take a short-term stake in General Motors is driven by our nation’s shared interest in ensuring the American auto industry can survive.  We are equally committed to protecting the taxpayers’ investment and giving back our stake in General Motors as soon as possible.  In the meantime, the government has no interest in or intention to interfere with the company’s day-to-day operations.
“This bankruptcy is a regrettable but necessary step to ensuring the auto industry remains the core of our domestic manufacturing base, preserving jobs, strengthening our economy, and ultimately moving America further down the path to energy independence.”