Obama Making Big Political Bet on GM

President Barack Obama has hitched his presidency to the fate of General Motors(GM Quote).

Events Thursday made it more clear than ever that the administration, not the automaker's management, is driving GM -- some are calling it "Government Motors" -- into bankruptcy court. After the reorganization, the Treasury will initially own 72.5% of the company.

Obama is expected to talk about GM on Monday, the day of a widely anticipated bankruptcy filing, said press secretary Robert Gibbs. An administration official, rather than GM executives, briefed reporters on details Thursday. Additionally, the White House announced that eight cabinet members, as well as other top administration officials, will travel throughout the Midwest Tuesday through Friday to try to sell the plan, or, as its statement said, "to discuss federal recovery efforts for auto communities and workers." ...