WASHINGTON, D.C. – In a written press statement yesterday, Speaker of the House Nancy Pelosi said that General Motors' initial public offering marks a major milestone in the recovery of the American auto industry.

"General Motors' initial public offering is a sign of progress for America's auto industry, for our nation's workers, for our manufacturers and our long-term prosperity,” Pelosi said. “In the midst of a severe recession, Congressional Democrats and President Obama took difficult emergency action to rescue American auto companies and strengthen critical pillars of our manufacturing sector, while protecting taxpayers. Today we have more evidence that those actions are paying off, and the American people are one step closer to being made whole.

"Preserving, bolstering and expanding our manufacturing base is central to our economic growth, our national security and our competitiveness on the global stage, and key to establishing America's manufacturers as centers of innovation. Democrats' 'Make It In America' strategy rests at the core of our ongoing efforts to create good-paying jobs, invest in a clean energy economy and rebuild our middle class. We know that when we make, grow and build it in America, our country grows stronger; our workers grow more secure; and our nation leads the world economy. I hope GM's progress spurs leaders on both sides of the aisle to work together to continue investing in our manufacturers, in our workers, and in jobs for our middle class."

According to a report released yesterday by the Center for Automotive Research, government action supporting the auto industry prevented a $26.8 billion loss to the American taxpayer and saved nearly 1.5 million American jobs. And the initial public stock offering of the newly reformed General Motors has analysts predicting taxpayers will be repaid for much of the emergency intervention.

Pelosi’s comments in defense of work of the current Democratic administration follow recent election results, which in January will change the makeup of Congress to a Republican majority.

To read her statement in its entirety, click here.