GM Faces Bumpy Road

Updated from 12:49 p.m. EDT

Will General Motors(GM), which filed for bankruptcy protection Monday, eventually run smoothly or is it headed into a ditch?

If all goes as planned, GM -- which today announced a total of 14 plant closings across the U.S. -- will emerge by Sept. 1 as a slimmed-down company with less than half its current debt load as well as the ability to make money at lower domestic vehicle sales.

President Obama cited Chrysler, which over the weekend won court approval to sell most of its assets to Italy's Fiat, as a good sign for GM.

"Some said a quick [Chrysler] bankruptcy was impossible ... they were wrong," Obama said. He said critics predicted Chrysler sales would "fall off a cliff," and added, "they were wrong." Chrysler sold more cars in May than it did in April.

Obama said the GM bankruptcy was part of a "viable, achievable plan that will give this iconic company a chance to rise again."

Speaking at the White House, where he was flanked by Cabinet secretaries and economic advisers, Obama said the coming restructuring will "take a painful toll on many Americans" with the closure of additional plants and the loss of jobs.

The president said auto executives "will call the shots and make the decisions about turning this company around." He said the government would refrain from playing a management role in all but the most critical areas.

"What I am not doing, what I have no interest in doing, is running GM," Obama said.