Obama Speaks at GM Plant

President promotes successful auto industry bailout in Detroit.
2:09 | 10/14/11

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Transcript for Obama Speaks at GM Plant
Detroit with US carmakers enjoying a comeback He spoke at a General Motors assembly plant. And touted the success of his auto industry bailout. As ABC's Jake Tapper reports mr. Obama had one eye on the resurgent business another on the election. It was something all the -- Victory -- -- -- -- those particular. President Obama today brought South Korean president Lee to a General Motors auto manufacturing plant in lake or in Michigan. That two years ago was on its deathbed. But one of the results of the 62 billion dollar restructuring and bailout of US auto makers is. Today that factory employs 1750. Workers building -- sonics like this 100. It was all part of the president's -- to Rust Belt states critical to his reelection. That he's been willing to make that tough decisions to help this country recover from the recession. -- -- that's out there running around saying it can't be done their whole bunch of folks. That are saying yes we can't. The White House says the auto bailout saved just over one million jobs but as part of the restructuring many. Workers such -- third generation auto worker Cameron Williams took a 40%. He cut. But after being unemployed for two years I'm just happy to be here -- work has had to be working. The president today pushed that not only did He save these jobs he's helping to find new markets for their cards such as South Korea did any -- to present at least today pledged to the workers that the new trade deal with the US will create more jobs for those workers and their gramley. I think it will -- -- very small improvement year over year over year but it's not something that we can look and saying -- look look at all these jobs that were created this month because of this deal. They in the latest figures indicate the cost to taxpayers of the auto -- of bail out. I will be fourteen billion dollars fourteen billion dollars that will never return we don't know. The final cost yet because that will depend on the price of General Motors stock when the US government sells. It's 500 million shares --

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