Published: Aug 05, 2010 2:46 PM EDT
Updated: Aug 06, 2010 4:30 AM EDT

CHICAGO (AP) — President Barack Obama is crediting his politically risky bailout of the the U.S car companies with turning around an "industry on the brink."

Speaking at a Ford plant that is adding 1,200 jobs and a second shift, Obama says that while others criticized his $60 billion bailout over a year ago, he chose that course because of his faith in American workers. While Ford did not accept federal funds, Obama argued that the company did benefit from a resurgence in the industry following the bailout of General Motors and Chrysler.

Following his stop at the Ford plant, Obama will head to three political fundraising events.