GM Statement on the Auto Rescue Bill

We appreciate the tireless work of Speaker Pelosi, Leader Reid, Chairman Dodd, Chairman Frank, and the Administration to craft a bill that provides immediate aid to the domestic auto industry with the appropriate mechanisms for accountability and transparency to the taxpayer.

The current set of extraordinary economic circumstances the industry faces requires equally extraordinary action now on the part of both the automakers and Congress. We have listened to Congress and have put together a restructuring plan that will deliver a stronger, sustainable GM in a quicker timeframe and without the negative market consequences that could result from bankruptcy. General Motors Corporation Restructuring Plan for Long-Term Viability.

As part of our plan, we will abide by the conditions proposed in the bill and will continue our restructuring with great urgency. Millions of jobs, America's manufacturing base and future competitiveness hang in the balance and we urge quick passage of this bill.