Obama: GM restructuring 'full of promise'

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US President Barrack Obama says GM's actions are necessary to restore the company to competitiveness and help ensure the survival of the domestic auto industry.

Washington is also preparing to pump another 30 billion dollars into the firm. As GM filed its bankruptcy papers on Monday, Obama announced the federal government will own 60 percent following restructuring. The president hopes GM will emerge quickly from bankruptcy court.

US President Barrack Obama says, "in the midst of a deep recession and financial crisis, the collapse of these companies would have been devastating for countless Americans and done enormous damage to our economy, beyond the auto industry. Working with my auto task force, GM and its stakeholders have produced a viable, achievable plan that will give this iconic American company a chance to rise again."