President Obama announced today that talks had failed to find a way to stave off bankruptcy, as Chrysler will now file for Chapter 11.

The White House put out this press release on what the administration is doing.

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Senate Majority Leader John Thune, R-S.D. (center) is flanked by GOP whip Sen. John Barrasso, R-Wyo. (left) and Finance Committee Chairman Mike Crapo, R-Idaho, as Thune speak to reporters at the Capitol in Washington on Tuesday, July 1, 2025. Earlier Tuesday, the Senate passed the budget reconciliation package of President Donald Trump's signature bill of big tax breaks and spending cuts. (J. Scott Applewhite/AP)

Credit: AP