General Motors, the humbled auto giant that has been part of American life for more than 100 years, filed for bankruptcy protection on Monday.

The deal will give taxpayers a 60 percent ownership stake and expand the government's reach into big business.

President Barack Obama's administration says the federal government will pump $30 billion into GM as it makes its way through bankruptcy court. That's on top of $20 billion already lent to the automaker.

Obama plans to announce his support for GM's restructuring strategy at a midday appearance at the White House. GM president and CEO Fritz Henderson has scheduled a press conference in New York immediately following Obama's announcement.

General Motors CEO Fritz Henderson says the new GM will be a leaner and quicker company that's more focused on its customers and its products.

Henderson spoke Monday at a news conference in New York after the fallen icon of American industry filed for bankruptcy protection. President Barack Obama says it is part of a "viable achievable plan" that will give the company "a chance to rise again."

Henderson says the new GM will be built from the strongest parts of its business, including its best brands and best products.

The company plans to focus on four core brands -- Chevrolet, Buick, Cadillac and GMC -- and get rid of four others -- Pontiac, Saturn, Hummer and Saab.

Bloomberg.com reports there won't be word on a possible Hummer sale for at least 48 hours.

Mishawaka's AM General plant, which builds the Hummer H2, will have to wait until then to learn their fate.