DETROIT (AP) — Transportation Secretary Ray LaHood says the Obama administration made a “good investment” of taxpayer money in the auto industry.
LaHood was joining House Speaker Nancy Pelosi and more than a dozen lawmakers at the Detroit auto show Monday in a sign of support for the auto industry.
General Motors and Chrysler received more than $60 billion in federal aid and restructured through government-led bankruptcies last year.
LaHood called the industry the “pillar” of the economy and praised GM’s efforts to begin repaying the loan. He also credited the Cash for Clunkers program for stimulating auto sales last summer.
Lawmakers planned to visit vehicle displays from General Motors, Chrysler and Ford Motor Co. to learn more about advanced vehicles running on electricity and meet with industry executives.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.
DETROIT (AP) — Transportation Secretary Ray LaHood says the Obama administration made a “good investment” of taxpayer money in the auto industry.
LaHood was joining House Speaker Nancy Pelosi and more than a dozen lawmakers at the Detroit auto show Monday in a sign of support for the auto industry.
General Motors and Chrysler received more than $60 billion in federal aid and restructured through government-led bankruptcies last year.
LaHood called the industry the “pillar” of the economy and praised GM’s efforts to begin repaying the loan. He also credited the Cash for Clunkers program for stimulating auto sales last summer.
Lawmakers planned to visit vehicle displays from General Motors, Chrysler and Ford Motor Co. to learn more about advanced vehicles running on electricity and meet with industry executives.