General Motors will no longer be the “Heartbeat of America,” much to the chagrin of many employees who have worked for the century old company, as well as many loyal customers who have kept the General Motors company humming. President Obama will officially announce the bankruptcy of General Motors today in a court-supervised restructuring at the White House.

The White House released a statement stating, “”For the better part of a century, the General Motors Corp. has been one of the most recognizable and largest businesses in the world. Today will rank as another historic day for the company — the end of an old General Motors, and the beginning of a new one.”

The General Motors Corporation has already received $20 billion of Government bailout money and will need more than $30 billion to continue its operations.   It would be the “largest industrial bankruptcy in U.S. history, and the United States Government would hold a 72.5% stake in the company.”

GM Chief Executive Fritz Henderson is expected to submit the company’s bankruptcy filing at 8 AM EDT, after giving a news conference in New York City.  It is a new reality for the declining United States auto industry who is facing its worse situation in recent history.