President Barack Obama touted the progress that General Motors Co. and Chrysler Group LLC have made in defending the government's $85 billion auto industry bailout. In his weekly radio address today, the president defended his unpopular bailout after the automakers reported good news. GM repaid its $5.8 billion in U.S. and Canadian government loans, while Chrysler reported a first-quarter operating profit -- but an overall loss.
"I knew this wasn't a popular decision. But it was the right one," said Obama, who has previously called rescuing automakers the most unpopular decision of his presidency.
Read Article