KALAMAZOO, MI – Vice President Joe Biden says he believes General Motors will be able to emerge from bankruptcy in 60 to 90 days. Biden spoke today in Kalamazoo at a ceremony to mark the beginning of a project to widen part of I-94. It's the 2000th transportation project funded by the stimulus package that was signed into law by President Obama in February.
The Vice President says GM's bankruptcy will take longer than Chrysler because the company is larger. But Biden says without government intervention, many more jobs would have been lost: "We think they'll come out relatively quickly, be back in business. But I know even that--several months--is a pretty long time when you community depends so heavily on these economic fixtures. But believe me, the alternative was certain liquidation and we would not accept that outcome."
Biden also announced that Michigan will receive nearly $2-billion from a Treasury Department program to help areas hit hard by the recession. The Recovery Zone Bond program was also created by the federal stimulus package.