White House Investing $800 Million to Revive Bankrupt GM Sites

3 years ago

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The Obama administration is investing more than $800 million to create jobs and help clean up shuttered auto plants in areas affected by General Motors' bankruptcy.

The money will be dispensed to about 90 sites in 14 states, The Wall Street Journal reported Tuesday. It will be used to help find new uses for abandoned factories and pay for property taxes.

"The framework announced today is a truly meaningful step in our collective charge to ensure that workers and families in auto communities from coast to coast have the opportunity to take part in my mission of providing good jobs for everyone," Labor Secretary Hilda Solis said in a statement.

On Monday, GM reported its first quarterly profit in three years, thanks to increased sales and dramatic cost cutting.

Last month the auto maker said it repaid the U.S. and Canadian governments all of the $6.7 billion in loans it received during the depths of its struggles last year.

Filed Under: White House

Tagged: Daily GUidance, DailyGuidance, General Motors, GeneralMotors, Hilda Solis, HildaSolis, white house, WhiteHouse

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