• President Obama delivers remarks on government reorganization (20120113)

    President Barack Obama delivers remarks on government reform in the East Room of the White House, Jan. 13, 2012. (Official White House Photo by Lawrence Jackson)

    Today, President Obama announced a new plan that will make it easier to do business in America.

    There are currently six major federal departments or agencies that focus on business or trade: the U.S. Department of Commerce’s core business and trade functions, the Small Business Administration, the Office of the U.S. Trade Representative, the Export-Import Bank, the Overseas Private Investment Corporation, and the U.S. Trade and Development Agency.

    The President is asking Congress for the authority to merge those six entities into a single department tasked with boosting American business and promoting competitiveness.

    The way the system is currently organized, every entrepreneur who needs to do business with the government has to navigate a maze of overlapping regulations and competing bureaucracy.

    We've put together a chart that shows exactly how impossible that process can be.

    This move from President Obama would change that.

    He's hoping to consolidate the redundancies that currently exist, to cut waste, and eliminate duplication.

    By the way, this kind of authority isn't new or rare. Presidents had the ability to mandate this type of reorganization for almost the entire period from 1932 through 1984.

    And the executive branch of the federal government shouldn't be stuck in 1984.

  • This week, the President visited the Consumer Financial Protection Bureau, welcomed this year's NBA Champs—the Dallas Mavericks—addressed the EPA, announced a new Chief of Staff, and introduced the White House's Insourcing Initiative.

  • 130

    One-hundred thirty of the nation's medical and osteopathic colleges—105 medical colleges and 25 osteopathic colleges—have made a commitment to our service members who are returning from Iraq and Afghanistan with brain injuries, post-traumatic stress disorder, and other mental-health issues. These 130 schools will begin training their students to recognize and treat these injuries, as well as participate in research to better understand them.

    Post-traumatic stress disorder and traumatic brain injuries—two signature injuries of the wars in Afghanistan and Iraq—affect 1 in 6 of our veterans. In order to help the issues our service members are facing, we need doctors and professionals who have a fundamental understanding of PTSD and TBI.

    This commitment to support our veterans and their families, part of First Lady Michelle Obama and Dr. Jill Biden’s Joining Forces initiative, is the largest of its kind from American medical schools. It will help leverage the full capacity of our nation's health care providers to improve care for our nation's veterans, service members, and military, and help to train the nation's future physicians on military cultural issues. These schools will develop new research and clinical trials so that we can better understand and treat PTSD and TBI, and collaborate to share information and best practices.

    Our veterans, servicemen and women—and their families—have served this country in extraordinary ways. Now it’s time for us to serve them as well as they have served us.

  • Two years ago today, a massive earthquake struck the nation of Haiti, causing catastrophic damage inside and around the capital city of Port-au-Prince. Nearly a quarter of a million lives were lost, more than 300,000 people were injured, and more than a million people were left homeless.

    In the two years since the disaster, Americans have joined people from all over the world to help Haiti recover and rebuild. A U.S. Coast Guard team, a disaster assistance response team, and portions of two U.S. urban search and rescue teams were on the ground 24 hours after the earthquake. In the weeks and months that followed, one in every two American households sent contributions to Haiti. With the support of the United States and the help of partner organizations, the Haitian government has led an effort to ensure people have better access to water, food, and medical care than ever before. Many organizations remain in the country today to continue this work.

  • Earlier this week, President Obama welcomed the Dallas Mavericks to the White House to congratulate the team on their 2011 NBA championship.

    Back in Dallas, the Mavericks work to support members of the military and their families, and team members took the time to meet with some wounded warriors while at the White House.

    “You never want to take for granted all the freedoms we have in this country, and we always want to honor and respect those who have given us the opportunity,” said team owner Mark Cuban. “Whatever we can do, we try.”

  • The health care law gives us new tools to protect consumers who are looking for health insurance. One of those tools is “rate review”.  For the first time ever, in every state, insurance companies are required to publicly justify their actions if they want to raise rates by 10 percent or more. These increases are then reviewed by independent experts to decide whether they are reasonable – providing unprecedented transparency and easy-to-understand information about why insurers want to raise your rates. Thanks to health reform, if your insurance company wants to hit your wallet with a major increase, they have to tell you why. And if you don’t like what they have to say, you can take your business elsewhere. 

    Today, we’re using this tool to protect consumers and crack down on unreasonably high rate increases. We’re announcing that Trustmark Life Insurance Company has unreasonably raised health insurance premiums in: Alabama, Arizona, Pennsylvania, Virginia, and Wyoming – which would affect nearly 10,000 residents across these five states. 

    In each instance, Trustmark raised rates by 13 percent or more over the last year. For small businesses in Alabama and Arizona, when combined with other rate hikes made over the last 12 months, rates have increased by 27.2 percent and 18.1 percent, respectively. You can view more information about these rates here.

    These increases are unreasonable and it’s time for Trustmark to immediately rescind the rates, issue refunds to consumers or publicly explain their refusal to do so. 

  • Yesterday, the White House hosted the “Insourcing American Jobs” forum with business leaders from across the country to discuss one topic: bringing jobs back to the United States.  For too long factories have closed their doors and companies have shipped jobs overseas, where workers were cheaper. It’s damaged the economy and hurt middle class families all across the nation.  The President believes we can change that. 

    Right now, we have a great opportunity for those jobs to come back – and the business leaders that joined President Obama yesterday understand that.  We’re seeing an increasing trend of insourcing, where companies are bringing jobs back and making additional investments in America. Over the past two years American manufacturers have now added 334,000 jobs. Manufacturing production has increased by 5.7 percent. That’s a good thing, but we need to do more. That’s why the President called on companies to follow this trend and invest in America.  

    The President is working to restore the economic security for the middle class and those trying to reach it. He’ll continue to build an economy where hard work pays off and responsibility is rewarded. He knows this is a make or break moment for the middle class, and he’ll continue to do everything he can to give folks a fair shot and a chance to succeed.  

    He knows that America shouldn’t be a nation known for financial speculation and outsourcing. As he said yesterday, America should be known for making products and selling them all over the world stamped with three proud words: “Made in America.”  

    The next generation of manufacturing jobs shouldn’t take root in countries like China or Germany – they should take root in cities across America. Some companies are already leading the way. Let’s take a look at news coverage of yesterday’s event from across the country: 

    McClatchy/Charlotte Observer/Miami Herald - Rebuilding a business, bringing jobs back

    WASHINGTON – North Carolina has lost tens of thousands of furniture-making jobs over the past decade. 

    But Bruce Cochrane, who worked as a consultant in China and Vietnam after his family sold their furniture business in 1996, says rising Chinese wages and an increase in shipping costs have created an opportunity for him back home. 

    Cochrane has invested $5 million and is hiring 130 workers to build middle- to higher-priced solid-wood furniture in the same sprawling Lincolnton, N.C., warehouse that his family once ran. He even moved into his dad’s old office. 

    Now, President Barack Obama wants to know what Cochrane saw and why he’s taking such a chance in a region and industry battered by outsourced jobs. Cochrane stood Wednesday in the East Room of the White House as Obama said the Lincolnton man was proof that you don’t have to be a big manufacturer to make a difference. 

  • Michelle Obama at Virginia Commonwealth University AAMC-Medical Center

    First Lady Michelle Obama shakes hands with veterans and medical personnel during a Joining Forces event at Virginia Commonwealth University AAMC-Medical Center in Richmond, Va., January 11, 2012. Mrs. Obama announced a major commitment by the country’s top medical colleges and universities to create a new generation of doctors, medical schools, and research facilities to ensure that veterans, service men and women receive the medical care that they deserve. (Official White House Photo by Chuck Kennedy)

    After more than 10 years of war, nearly 50,000 of our military members have been wounded, many of them severely. These are the visible wounds of war.  But the invisible wounds which are the signature injuries of our wars in Iraq and Afghanistan -- Post-traumatic Stress Disorder (PTSD) and Traumatic Brain Injury (TBI)  -- have impacted roughly 1 in 6 of our veterans. 

    Though the Department of Defense and the Veterans Administration continue their strong efforts to address PTSD and TBI, we know that more than half of today's Iraq and Afghanistan veterans seek care from health care providers that are outside of the VA system. We have veterans in every corner of this country and if we are going to fully understand the issues these heroes face, we've got to meet our veterans where they live. And that means that health care providers throughout this country need to have some fundamental understanding about PTSD and TBI so they can recognize the conditions and then positively impact the health care outcome for our veterans. 

    We can’t wait to help our heroes. We must act now to ensure the nation's current and future health care providers are familiar with issues impacting our veterans and families. Because those impacted are young -- almost all in their 20's and 30's -- this is a long term issue for this nation.  

    Today, First Lady Michelle Obama announced the largest coordinated commitment from America's medical colleges to support our veterans and military families. Led by the Association of American Medical Colleges (AAMC) and the American Association of Colleges of Osteopathic Medicine (AACOM),   130 of the nation's medical and osteopathic colleges -- 105 medical colleges and 25 osteopathic colleges – have committed to train students in treating brain injuries, PTSD and other mental-health issues affecting returning service members. 

  • President Obama speaks at the Insourcing American Jobs forum (20120111)

    President Barack Obama, joined by 19 business leaders, delivers remarks to leaders from the private sector and the government at the “Insourcing American Jobs” forum in the East Room of the White House, Jan. 11, 2012. President Obama said the insourcing by these leaders was "exciting" and one reason "why I'm incredibly optimistic about our prospects." (Official White House Photo by Lawrence Jackson)

    At today's "Insourcing American Jobs" forum, President Obama talked about his hope for the future:

    I don’t want America to be a nation that’s primarily known for financial speculation and racking up debt buying stuff from other nations. I want us to be known for making and selling products all over the world stamped with three proud words:  “Made in America.”  And we can make that happen.

    I don’t want the next generation of manufacturing jobs taking root in countries like China or Germany. I want them taking root in places like Michigan and Ohio and Virginia and North Carolina. And that’s a race that America can win. 

    There are signs that the country might be moving closer to that vision, and the President is hard at work to help deliver it.

    "[My] message to business leaders today is simple: ask yourselves what you can do to bring jobs back to the country that made our success possible," the President said.  "And I'm going to do everything in my power to help you do it. We're going to have to seize this moment."


    Learn more:

    • Read a new White House report on building an economy that lasts in America.
    • Check out a fact sheet that outlines steps the President has already taken to support insourcing.

  • 334,000

    What is insourcing?

    After decades of watching American companies take jobs to other countries, we're beginning to see entrepreneurs and manufactures make the decision to keep factories and production facilities here in the United States—or even bring jobs back to the U.S. from overseas.

    How do we know this is happening?

    For the past 22 months, the private sector has been hiring—to the tune of 3.2 million jobs. In 2011 alone, we saw private companies bring on almost 2 million new workers, more than in any year since 2005.

    That's good news, even if we still have a lot of ground to make up. And if you dive into the numbers (like those compiled in this new White House report), you'll notice something interesting:

    • Business investment is up, growing by 18 percent since the end of 2009;
    • We're exporting more goods and services to the rest of the world. As of October, American exports totaled $2 trillion -- an increase of almost 32 percent above the level in 2009; and
    • Perhaps most importantly, the manufacturing sector is recovering faster than the rest of the economy. Through the course of the past two years, the economy has added 334,000 manufacturing job, and that's the strongest two-year period of manufacturing growth since the 1990s. 

    Each of those facts is evidence of a growing trend of insourcing.

  • On this day last year, Vice President Biden was in Afghanistan meeting with President Karzai. He was there to assess progress on the ground as we move toward empowering a fully independent Afghanistan, capable of providing its own security and governance. (Click here for a photo gallery from his trip)

    Much has been accomplished since the Vice President first traveled to Afghanistan nine years ago as a Senator, after the Taliban was initially driven out of power. On his trip last year, Vice President Biden said that while the United States will remain a committed partner in furthering progress in Afghanistan, it is the responsibility of the Afghan people to build and secure their country:

    Together, we will work on a framework for future bilateral relations and a lasting friendship with the Afghan people and the American people. And going forward, we’ll continue to train and advise the forces and to provide civilian assistance.

    Let me say it plainly, Mr. President, it is not our intention to govern or to nation-build. As President Karzai often points out, this is the responsibility of the Afghan people, and they are fully capable of it. As President Obama said it in a slightly different way, he said, “It’s Afghans who must secure their country. And it’s Afghans who must build their nation.” And we stand ready to help you in that effort. 

    For more information on progress in Afghanistan, see:

    • The Way Forward in Afghanistan: President Obama addresses the nation on Afghanistan and his plan to remove 10,000 American troops from Afghanistan by the end of 2011, and a total of 33,000 by the summer of 2012.
    • We’re Keeping Our Promises: Vice President Biden speaks about the promises this Administration has made – and kept – when it comes to the war in Afghanistan, the war in Iraq, and our commitment to defeat al Qaeda

  • Read the Transcript  |  Download Video: mp4 (113MB) | mp3 (11MB)

    President Obama earlier today stopped by the Environmental Protection Agency for his first ever visit. He made the trip to express his appreciation for the vital work done by the staff.

    In a meeting with the staff, he said:

    I want to say thank you to each and every one of you, because the EPA touches on the lives of every single American every single day. You help make sure that the air we breathe, the water we drink, the foods we eat are safe. You protect the environment not just for our children but their children. And you keep us moving towards energy independence.

    And it is a vital mission. Over the past three years, because of your hard work, we’ve made historic progress on all these fronts.

    The President pledged to stand by the EPA in its work:

    Our environment is safer because of you. Our country is stronger because of you.  Our future is brighter because of you. And I want you to know that you’ve got a President who is grateful for your work and will stand with you every inch of the way as you carry out your mission to make sure that we’ve got a cleaner world.

    President Barack Obama thanks the EPA staff

    President Barack Obama delivers remarks to employees of the Environmental Protection Agency at the Andrew W. Mellon Auditorium, Washington, D.C., Jan. 10, 2012. EPA Administrator Lisa Jackson stands at right. (Official White House Photo by Pete Souza)

    Read the full remarks here.

  • It’s been a little more than one year since the senseless acts of violence in Tucson, Arizona that killed six people and injured 13 more. Rep. Gabrielle Giffords, who was holding an event for her constituents in a grocery store parking lot when she was shot, spent the last year recovering. Among those killed were one of her staffers, a federal judge, and a 9-year-old girl.

    On this day last year, President Obama joined the nation for a moment of silence to honor the victims of the shooting. He called it “a time for us to come together as a nation in prayer or reflection, keeping the victims and their families closely at heart.”

    Later that week, President Obama traveled to Tucson to speak at a memorial service, honoring the lives lost and celebrating the heroism of those who put themselves in harm’s way to help others.

    In his speech, the President spoke about the unknown motives behind the attack, and called on Americans everywhere to use the tragedy as an opportunity to come together as a nation.

    For the truth is none of us can know exactly what triggered this vicious attack. None of us can know with any certainty what might have stopped these shots from being fired, or what thoughts lurked in the inner recesses of a violent man’s mind. Yes, we have to examine all the facts behind this tragedy. We cannot and will not be passive in the face of such violence. We should be willing to challenge old assumptions in order to lessen the prospects of such violence in the future. But what we cannot do is use this tragedy as one more occasion to turn on each other. That we cannot do. That we cannot do.

  • As America’s heroes return from war zones and transition back into civilian life, many are facing challenges finding work.  Last month, more than over 857,000 veterans were unemployed, and the jobless rate for post-9/11 veterans is 13.1 percent. 

    As President Obama said, “We ask these men and women to leave their careers, leave their families, risk their lives to fight for our country.  The last thing they should have to do is fight for a job when they come home.”

    Recognizing the unique skills and leadership abilities of America’s veterans, the Corporation for National and Community Service is joining forces to recruit more veterans to serve in AmeriCorps. Using the skills they honed overseas, veterans are continuing to serve on the home front through AmeriCorps - responding to disasters, building homes, mentoring at-risk youth, and supporting other veterans and their families.

    As part of that commitment, we are excited to kick off our participation in 100 Hiring Our Heroes job fairs over the next five years. The first fair, focused on military and veteran spouses, will take place this Friday, January 13 in Washington D.C.  We will have information about opportunities to serve in AmeriCorps and other CNCS programs. We are pleased to work with Joining Forces, the Chamber Foundation, DOL Vets, and other organizations in supporting these career fairs and look forward to sharing our message that AmeriCorps is recruiting our nation’s heroes now.

    More than 16,000 veterans have served in AmeriCorps since its inception  AmeriCorps helps put veterans on a pathway to economic opportunity as they assist others in the military community—and, in doing so, find strength in making an impact on problems here at home.

  • 170,000

    Secretary of Transportation Ray LaHood was in Detroit on Monday, kicking off the opening of the North American International Auto Show and highlighting the resurgence of the American auto industry. Since Chrysler and GM emerged from bankruptcy in June of 2009, the auto industry has added 170,000 jobs—the best period of job growth for the industry in more than a decade.

    When President Obama took office, the American auto industry was shedding jobs by the hundreds of thousands and GM and Chrysler faced the possibility of liquidation – which would have caused at least 1 million more jobs to be lost. The President made the tough choice to help provide the auto industry the temporary support it needed to grow and prosper.

    Today, GM and Chrysler have repaid their government loans, and the “Big Three” automakers-- GM, Ford, and Chrysler-- are all adding jobs, generating profit, and investing in their U.S. facilities. Auto sales climbed in December for the seventh consecutive month and GM, Chrysler, and Ford saw their market share increase to over 47 percent in 2011, the second straight year that Detroit gained market share against their foreign competitors, something that had not previously happened since 1995.

    This industry and our economy have a long way yet to go to repair the damage from this recession and return to full health. But the distance these companies and the auto industry have traveled over the past two years is a bright spot on the road to recovery.    

  • Ed note: This post was originally published on the USDA blog

    Yesterday at the American Farm Bureau Federation’s 93rd Annual Meeting, I thanked about 10,000 farmers for helping to make U.S. agriculture a bright spot in our nation’s economy.

    In the past few decades, U.S. agriculture has become the second most productive sector of the American economy, thanks to farmers adopting technology, reducing debt, and effectively managing risk. In 2011, America’s farmers, ranchers and producers achieved record farm income, record exports, and have helped to contribute to an unemployment figure in rural America that has fallen faster than in other parts of the country. Over the last three years, as USDA has made significant investments in rural America, we have also looked closely at the way we do business so that we are sustaining and enhancing the farm economy for generations to come. That is why today I introduced USDA’s Blueprint for Stronger Service—a plan that will help to preserve this success in the long term. 

    The Blueprint for Stronger Service takes a realistic view of the needs of American agriculture in a challenging budget climate, and lays out USDA’s plans to modernize and accelerate service delivery while improving the customer experience through use of innovative technologies and business solutions. To manage the $3 billion—or 12 percent—reduction Congress has made to discretionary funding for the Department since 2010, USDA looked closely at the way we do business.  For example, some agencies put hiring controls in place and instituted early separation programs. These efforts, when coupled with regular retirement, meant nearly 7,000 employees have retired from USDA over the past 15 months. The plan is also part of the Administration’s Campaign to Cut Waste, launched by President Obama and Vice President Biden to make government work better and more efficiently for the American people. The end result is a plan that will create optimal use of USDA’s employees, better results for USDA customers, and greater efficiencies for American taxpayers.

  • Secretary LaHood at the North American Auto Show

    Yesterday, the North American International Auto Show kicked off in Detroit, with companies unveiling their new vehicles and folks eager to get their first peek. Transportation Secretary Ray LaHood was on hand for the opening events, and Commerce Secretary John Bryson, Energy Secretary Steven Chu, EPA Administrator Lisa Jackson, and the Labor Department’s Director Office of Recovery for Auto Communities and Workers Jay Williams are all taking part in auto show activities this week. 

    The auto industry had a strong year in 2011. It’s easy to forget, but just a few years ago many people doubted whether there would even be an American auto industry in 2011.

    When President Obama took office, we faced the worst recession since the Great Depression, and the American auto industry was hit hard. Hundreds of thousands of jobs were lost in the auto industry, and entire communities that depended on a dealership or a parts manufacturer were affected.   

    Both GM and Chrysler faced the stark choice of seeking government support or facing almost certain uncontrolled liquidations, which would have had a ripple effect across the industry, causing at least one million more jobs to be lost. The President refused to let that happen.

    In the face of stiff opposition, the President made a tough choice to help provide the auto industry the temporary support it needed to rebuild their companies and get moving again. This was a difficult decision, and came with significant risk. But the President was not willing to walk away from these workers and this great American industry.

    Today, the American auto industry is coming back, creating jobs and moving cars off the line. Last month, the automotive industry added nearly 11,000 positions, bringing the total number of jobs added in the fourth quarter of 2011 to 36,000. The industry added 100,000 jobs over the course of 2011.

    Since Chrysler and GM emerged from bankruptcy in June of 2009, the auto industry has added back more than 170,000 jobs, the best period of job growth in more than a decade. While there’s more work to be done, it’s clear the auto industry is moving in the right direction. 

    In December, we saw auto sales climb for the seventh consecutive month. The Big Three -- Ford, GM and Chrysler -- all saw sale increases for December, and the year as a whole.

    In addition, because of the President’s leadership, we have put in place historic higher fuel economy standards, which will save Americans $1.7 trillion in fuel costs and reduce oil consumption by 12 billion barrels. That means families will begin saving money at the pump this year.

    But there’s a lot more work to do to get the American people back to work. The President will continue to fight to restore the economic security for the communities that were hit just a few years back, to strengthen the middle class and rebuild an economy where hard work pays off and responsibility is rewarded.

    Folks in Detroit and in auto communities across the country know what it takes to get the job done. They know a little something about hard work. They know what it takes to fight to rebuild their community and we’ll continue to stand right by their side every step of the way.

  • President Barack Obama and 2011 SAVE Award Winner Matthew Ritsko

    President Barack Obama talks with Matthew Ritsko, the winner of the 2011 Presidential Securing Americans' Value and Efficiency (SAVE) award, in the Oval Office, Jan. 9, 2012. Ritsko, a financial manager at NASA's Goddard Space Flight Center, proposed the space agency create a "lending library" where specialized space tools and hardware purchased by one NASA organization will be made available to other NASA programs and projects. (Official White House Photo by Pete Souza)

    From the start of the Administration, President Obama has been committed to delivering the American people an efficient, effective government that cuts waste and uses taxpayer dollars wisely. Recognizing that frontline federal workers know best where the waste is, he has made federal employees an essential partner in that effort. 

    In 2009, the President launched the SAVE Award – an annual contest to enlist frontline Federal workers in the effort to cut waste and make government work better for the American people. This year, we received nearly 20,000 entries, and 48,000 votes were cast rating the ideas. Last November, the American people then voted on a final four of the best ideas, and the winner was Matthew Ritsko of Crofton, Maryland. Today, Matthew came to the Oval Office to discuss his idea with the President.

  • Read the Transcript  |  Download Video: mp4 (51MB) | mp3 (5MB)

    Just after 3:00, President Obama made an announcement from State Dining Room:

    Last week, my Chief of Staff, Bill Daley, informed me that after spending time reflecting with his family over the holidays, he decided it was time to leave Washington and return to our beloved hometown of Chicago.

    The President praised Daley's service, saying that no one had been forced to make more important decisions more quickly than the former Secretary of Commerce:

    Over the last year, he’s been intimately involved in every decision surrounding the end of the war in Iraq and our support of the people of Libya as they fought for their freedom. He was instrumental in developing the American Jobs Act and making sure taxes didn’t go up on middle-class families. He helped us reach an agreement to reduce the deficit by over $2 trillion. And he played a central role in passing historic trade agreements with South Korea, Colombia and Panama.

    To fill Daley's shoes, the President will turn to Jack Lew -- the Director of the Office of Management and Budget.

    President Obama announces a change in chief of staff (20120109)

    President Barack Obama announces the resignation of his Chief of Staff Bill Daley and the appointment of Jack Lew to replace him, in the State Dining Room of the White House, Jan. 9, 2012. (Official White House Photo by Pete Souza)

  • Ed. Note: Cross-posted with the Department of Transportation blog, Fast Lane.

    Detroit is sacred ground for any transportation fan. It's the birthplace of the automobile, and of the freeway.  A century ago, Woodward Avenue was the first street paved with concrete anywhere in the world.  And every year, at the North American International Auto Show in Detroit, the world's automakers roll out their best new models and designs. 

    The Detroit Auto Show always offers an impressive display of innovation. But, when I attended in 2010, the atmosphere was subdued.  A palpable cloud of economic uncertainty hung over the auto industry then.  This year, however, the show has a different buzz.  Today when I toured the exhibits, people were gathered not only to see the latest prototypes, but to celebrate the resurgence of the American auto industry.

    The Motor City is back in business.  And for that I am happy to extend my gratitude and my congratulations to President Obama.

    When President Obama took office, America was staring down the worst recession since the Great Depression, a recession that hit our auto industry particularly hard.  During the year before the President’s inauguration, this industry lost more than 400,000 jobs. Two great American companies -- Chrysler and GM -- stood on the brink of liquidation.  President Obama had two choices: He could do nothing, or he could take action.

    Had this Administration sat on our hands, a bad recession could have become an even worse depression. Right away, 1 million people would have been put out of work.  America’s manufacturing sector would have spiraled into freefall.

    Instead, President Obama said that if GM and Chrysler were willing to take the difficult steps of restructuring and making themselves more competitive, the American people would stand by them.