General Motors (GM) and Chrysler both announced encouraging news after the two American auto giants were bailed out by the U.S. government.

Chrysler, after losing $3.8 billion in 2009 and emerging from bankruptcy, said it was on track to break even or earn a profit this year. “This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable,” Chrysler’s CEO Sergio Marchionne, who also heads Fiat, said in a statement.

Meanwhile, GM said it has finished repaying the $8.2 billion dollars it owed to the American and Canadian governments. The Detroit-based auto maker has even debuted commercials alerting the American public to the news.

“The government and the taxpayers made a terrific investment and it’s going to pay off big time,” GM’s chief executive, Edward E. Whitacre Jr., told media during a visit to an assembly plant in Kansas City, Kan.

The news even prompted President Obama to make mention of it in his weekly address, according to

“Many believed this was a fool’s errand. Many feared we would be throwing good money after bad: that taxpayers would lose most of their investment and that these companies would soon fail regardless,” Obama said. “But one year later, the outlook is very different. In fact, the industry is recovering at a pace few thought possible.

“It won’t be too long before the stock the Treasury is holding in GM can be sold, helping to reimburse the American people for their investment. As I’ve said many times, I did not run for president to get into the auto business or the banking business. As essential as it was that we got in, I’m glad to see that we’re getting out.”

The government is still heavily tied to GM, still owning about 60 percent of the company. It will not be able to extricate itself until the government owned GM stock is sold at a public offering.