President Obama is now the president and CEO of General Motors, Republican National Committee (RNC) Chairman Michael Steele asserted Monday.

"He's the president and CEO of Government Motors," Steele said during an interview on Fox News. "That's the bottom line. I think it's a sad day for American business, certainly for the private sector."

Republicans have loudly criticized President Obama for becoming too involved with GM after his administration announced it'd extend over $30 billion in assistance to the automaker as it undergoes bankruptcy protection.

Steele suggested that the $20 billion spent so far to bolster GM have been for naught, and that the company should've filed for bankruptcy months ago, which Republicans had largely favored at the time.

"We've already spent $20 billion to avoid bankruptcy, and yet here we are. So what was that $20 billion for?" Steele asked.

Steele also accused the administration of favoring corporate interest over average Americans' pocketbooks.

"So here we have, again, the administration taking care of the folks on Wall Street and ignoring the typical mom-and-pop shareholder on Main Street who's now got worthless stock," Steele argued.