Obama says U.S. gov't to invest additional $30 bln to help GM

WASHINGTON, June 1 (Xinhua) -- U.S. President Barack Obama promised on Monday that the U.S. government will invest additional30 billion dollars in GM, which he was confident will emerge from the bankruptcy protection process quickly.

U.S. President Barack Obama delivers remarks at the White  House in Washington, the United States of America, June 1,  2009. Obama promised on Monday that the U.S. government will invest additional 30 billion dollars in GM, which he was  confident will emerge from the bankruptcy protection process quickly.(Xinhua/Zhang Yan)

"I recognized the importance of a viable auto industry to the well-being of families and communities across our industrial Midwest and across the United States," Obama said hours after GM filed for bankruptcy protection.

"In the midst of a deep recession and financial crisis, the collapse of these companies would have been devastating for countless Americans and done enormous damage to our economy, beyond the auto industry," Obama stressed.

The president noted that if GM and Chrysler remade and retooled themselves for the 21st century, "it would be good for American workers, good for American manufacturing and good for America's economy."

General Motors Corp., the top U.S. automaker and once the world's largest corporation, filed for bankruptcy protection earlier Monday.

The collapse of the century-old auto giant came at a time when the United States is experiencing the worst economic recession since the Great Depression. Just a month ago, Chrysler LLC, the country's third largest automaker, took the same path.

However, Obama said he was confident that GM will emerge from the bankruptcy protection process quickly.