The main thing Obama is trying to do is bail out the banks so they can start lending again and put people back to work to stop this current torrent of job layoffs.
You can't isolate one item and focus on it, since Obama's is a broad-based, wide-ranging approach.
Most American multi-national companies, whether GM or otherwise, provide employment in Mexico and other foreign countries where they have plants. But GM, Ford, etc. are also huge employers in Michigan and other states, and many related industries, companies and workers depend upon the survival of the American auto industry.
For GM to have 75,000 US employees by 2012 is better than its having none, if the company goes bankrupt. If Obama does nothing, then by 2012 that figure could be none, and there would also be huge job losses in related and dependent industries.
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