General Motors released the following statement by the President of the United States:

I congratulate General Motors on the news today that its Precept hybrid vehicle has achieved fuel economy of 80 miles per gallon. This extraordinary achievement is the result in part of a government-industry effort, the Partnership for a New Generation of Vehicles, begun by Vice President Gore in 1994. The goal set then, in the face of strong skepticism, was to triple average fuel economy. This car meets that test.

Today's announcement is further evidence that the investments in clean energy technologies we have made over the last eight years are paying off. The benefits of these investments include not only improved gas mileage and a cleaner environment, but also reduced dependence on foreign oil. These technologies are a cornerstone of this Administration's effective and forward- looking energy and environmental policy.

Indeed, while America's gross domestic product has grown by more than 20 percent over the last five years, energy usage has increased by less than 8 percent. This trend of reduced energy intensity in our economy is critical to ensuring a healthy environment and strong, sustainable economic growth.

But we must do more. Unfortunately, Congress has refused to act on our package of consumer tax credits -- including credits of up to $4,000 for consumers to purchase the next generation of fuel efficient vehicles. At a time that America's business leaders are making headlines every day with new investments in clean energy technologies, it is time that Congress joins us in these important efforts to strengthen America's energy security.

SOURCE General Motors Corporation