President Obama will file GM for bankruptcy on Monday as the U.S. government takes control of 60% of the failing automaker while the Canadian government takes 12%.

This weekend saw the final step toward bankruptcy made when the majority of GM bondholders decided to forgo disputing the filing in court and to accept trading their debt for GM stock.

The national icon of American capitalism will undergo serious restructuring as the federal government attempts to turn what’s left of it into a successful business once again.

The New York Times is reporting that President Obama intends to explain on Monday that he believes that GM can still turn a profit. Obama is expected to explain that GM can still flourish even if it continues to only sell 10 million cars per year in the U.S.

To make this happen Obama will explain that taxpayers will need to invest another $30 billion in GM to make this possible. Cut backs ill include the loss of 21,000 unionized positions and up to 20 factories. Of the roughly 6,000 GM dealerships, approximately 2,500 will be closed.

What will this mean for the future of GM’s Chevy Volt (pictured above) remains to be seen.