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Obama says that GM’s IPO shows that the auto industry is again on the rise

With General Motors Co.'s return to the stock market, President Barack Obama said that this is proof that the US auto industry is recovering and will continue to do so as taxpayers seek to get their money back from a government bailout.

At the White House, Obama said that GM’s raising of over $20 billion from its IPO is “one of the toughest tales of the recession took another big step towards becoming a success story.”

Obama said that last year, the bailout for GM had added up to a $49.5 billion taxpayer bailout. The US Treasury is expected to get $13.6 billion from the IPO.

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