President Obama praised Chrysler Group LLC Tuesday for repaying $7.6 billion it owed the federal government and Canada an impressive six years ahead of schedule.
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"Chrysler’s repayment of its outstanding loans to the U.S. Treasury and American taxpayers marks a significant milestone for the turnaround of Chrysler and the countless communities and families who rely on the American auto industry," Obama said.
The money was loaned two years ago to Chrysler as part of a controversial bailout package. General Motors also took government money and has repaid it early.
"This announcement comes six years ahead of schedule and just two years after emerging from bankruptcy, allowing Chrysler to build on its progress and continue to grow as the economy recovers," the president said. "Supporting the American auto industry required making some tough decisions, but I was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company.
"I said if Chrysler and all its stakeholders were willing to take the difficult steps necessary to become more competitive, America would stand by them, and we did. While there is more work to be done, we are starting to see stronger sales, additional shifts at plants and signs of strength in the auto industry and our economy, a true testament to the resolve and determination of American workers across the nation."
Related story: Chrysler officially announces early repayment of the US and Canadian bailout loans
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