Breaking: President Obama Tells Major Garrett GM Can Run its Own Finances

President Obama told Senior White House Correspondent Major Garrett that government loan recipient General Motors is free to make its own management decisions when it comes to the money it received. The company recently announced that although it continues to lose money, stabilizing sales and lower operating costs are getting GM on track to repay the government four years ahead of schedule.

But as General Motors decides on restructuring plans for its European subsidiary, Opel, there has been some talk of using its loan money to remedy the situation.

Take a look…

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While meeting with President Obama in Shanghai Monday, Chinese Party Secretary Yu Zhengsheng touted General Motors’ success in his country.

“The business of GM in Shanghai is pretty good. By the end of October this year their sales has (sic) increased by 40 percent over the same period of last year,” Yu told Mr. Obama. “I think that the fantastic performance here in Shanghai is definitely a boost to their business in the United States.”

The President agreed, “I think they can learn from their operations here in terms of increasing sales back in the United States.”

TUNE IN TO SPECIAL REPORT WITH BRET BAIER FOR MUCH MORE OF MAJOR'S INTERVIEW WITH PRESIDENT OBAMA AT 6PM ET.