COVERITLIVE.COM

11:36

As we wait for the president, check out our first "quick question."

11:43

NPR's Frank Langfitt just said on the air that in addition to the plant closing and job cuts already announced, GM is looking to cut another 21,000 jobs.

11:46

Frank (James, not Langfitt) posts that on the roster of biggest-bankruptcies, GM comes in at No. 4.

11:49

Neal Conan asks: Where's the additional $30 billion going to come from?

"It's going to come from the U.S. Treasury," NPR's David Welna says.

11:50

If the president is on schedule, he's due to start speaking in about 5 minutes -- but Neal just said that reporters have been given the "2-minute warning." So things might start early.

11:51

The president just came to the microphone.

11:53

Obama begins by noting that he previously said "I would not put any more tax dollars on the line if it meant perpetuating the bad business decisions" that got U.S. automakers into trouble.

"I refused to kick the can down the road," he says.

11:54

But if GM and Chrysler were willing to make changes, he says, he was willing to give them more time and help.

11:55

Sticking with Chrysler for a moment, Obama says that "after taking an number of painful steps ... a new, stronger Chrysler is poised to complete its alliance with Fiat. "

11:57

Turning to GM, Obama says its bankruptcy plan is "viable, achievable" and gives the "iconic company a chance to rise again."

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