Obama official encouraged by auto recovery

By Associated Press
Posted Jan. 11 at 4:59 p.m.

An Obama administration official who oversaw the restructuring of the auto industry says he’s encouraged that U.S. automakers are returning to profitability despite tough economic conditions.

Treasury official Ron Bloom toured the Detroit auto show on Tuesday, looking at the latest cars and trucks built by General Motors, Chrysler and Ford.

Bloom said he was encouraged that Ford and GM have posted profits. He said Detroit’s automakers are demonstrating, in his words, “that they can make cars and make them in America.”

Bloom helped oversee the government’s multibillion-dollar bailout of GM and Chrysler. He declined to speculate on how soon the government would sell its ownership stakes in the two companies.

The administration reduced its ownership stake in GM in a stock sale last November.

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