Obama Says GM to Revive; Collapse Might Have Led to Depression

May 23rd, 2009 - Bloomberg

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May 23 (Bloomberg) -- President Barack Obama said GeneralMotors Corp. will reemerge from financial turmoil a “strongcompany” and that permitting it and Chrysler LLC to collapsecould have triggered an economic depression.

GM got $4 billion in additional assistance to continueoperations, the U.S. Treasury Department said yesterday. Theassistance brings to $19.4 billion the total GM has receivedfrom the government so far, according to a Treasury Departmentdocument.

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