Biden trumpets resurgent US auto industry

WASHINGTON-Vice President Joe Biden on Saturday credited to the Obama management intervention for the American automotive industry recovery from "the edge of extinction" and early repayment referred to Chrysler's federal loan, saved it from disaster.

"This announcement came six years before the date of the contract - and only two years after Chrysler Corporation from bankruptcy," Biden said the Administration weekly radio and Internet address. "It happened an indication of which during the American automotive industry."

Biden said also that General Motors, who went come through bankruptcy and again strong, last week announced that the Detroit Hamtramck factory three layers for the first time in its history the 26-year run in Michigan.

"You know, which is 2,500 more good, paying jobs," he said.

Biden, which the weekly address, provided as President Barack Obama in Europe was on the way, the efforts of the Obama credited to management for the resurgence of the automotive industry through his help.

'Our economy recovers'
"On the basis of what we have done to the car industry is rising again," Biden said. "Production comes back." "And our economy recovers and it is gaining traction."

Obama is a Chrysler plant in Toledo, Ohio, to discuss a visit to the carmaker recovery Friday.

Chrysler announced on Tuesday the repayment of $5.9 billion in U.S. loans and advances by the Governments of Canada and Ontario $1.7 billion.

It covers most of the bailout money, after which it almost from cash in 2009 launched and went through a Government controlled bankruptcy the company store.

GM and Chrysler were to approve an emergency loan package to Congress on the verge of collapse in the last days of the Bush administration.

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The Bush Administration gave $17.4 billion in loans to the company and needed to develop a restructuring plan by mid-February 2009.

Obama's administration billions pumped more into the automakers later, but won concessions from industry representatives spring, so push GM and Chrysler by bankruptcy court in the summer of 2009.

Republican plan
The Republican weekly address focused on the party plan to create jobs.

House majority leader Eric Cantor, R-VA., said the employment cut control, requires reduction of the regulations, complete stick down trade agreements with several countries and advanced energy exploration in the United States.

"All these elements help growth and long-term economic stability to promote," Cantor said.

"By in place policies to expand the business innovators promote innovation and enables lead Guide, we will not only begin to put our budget on a path to compensate but we get working again Americans."

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