Obama Defends Auto Bailout During Visit To Chicago Ford Plant

By Sarah Mamula - Talk Radio News Service

“America’s automakers have added 55,000 jobs since last June,” said President Barack Obama at a Ford facility on Thursday. “And over the next two months, this plant will bring on a second shift of 1,200 workers…nearly doubling your workforce,” he added.

After recent visits to GM and Chrysler plants, Obama followed up his 49th birthday by touring a Ford Motor Company assembly plant in Chicago. While reiterating the success of the administration’s decision to bail out the auto industry, Obama also applauded Ford’s ability to survive the recession without taking government funds.

“Ford was in better financial shape and was able to weather the storm without federal assistance,” said Obama to an audience of 1,700 employees, industry representatives, elected officials, and community and labor leaders.

“That’s a testament to the hard work you all do and the choices this company made.”

The President also announced a new $250 million Export-Import Bank loan guarantee for Ford that will support the company’s efforts to sell cars overseas and increase opportunities for jobs. 

“This [loan guarantee] will help Ford export more than 200,000 cars and trucks…that means more production and more manufacturing jobs,” said the President.

The loan initiative, Obama said, is one of several efforts the administration is making to help fulfill a pledge he made during his State of the Union address to double America’s exports of goods and services in the next five years.

“We’re going to support millions of good jobs for American workers to do what they’ve always done: build great products and sell them around the world,” said the President.