President Obama Delivers Remarks on Chrysler, Auto Industry

SPEAKER: PRESIDENT BARACK OBAMA

[*] OBAMA: One month ago, I spoke about some of the problems that have led to the crisis in the auto industry and about what would be required to ensure that General Motors and Chrysler emerge from their current troubles stronger and more competitive.

My team will continue working with General Motors as they strengthen their business plan and move towards restructuring that's consistent with the principles that I've laid out.

And today, after consulting with my auto task force, I can report that the necessary steps have been taken to give one of America's most storied automakers, Chrysler, a new lease on life.

This is a company that has a particular claim on our American identity. It's a company founded in the early years of the American automobile industry, a company that helped make the 20th century an American century, and that came to embody, along with the two other members of the big three, the ingenuity, the industriousness, and the indomitable spirit of the American people.

Chrysler has not only been an icon of America's auto industry and a source of pride for generations of American workers; it's been responsible for helping build our middle class, giving countless Americans the chance to provide for their families, sending their kids to college, saving for a secure retirement.