U.S. auto industry in recession, GM’s president says

While debate continues over whether the U.S. economy is in a recession, General Motors Corp. President Fritz Henderson said today that there’s no question the U.S. auto industry is in a recession.

“There have been a lot of questions about whether the U.S. economy is in recession," Henderson said today during a presentation to bankers and insurance industry representatives in Warren. “The U.S. auto industry is definitely in a recession."

Still, the automaker believes it has more than enough cash available to operate and continue the programs it had planned for the year.