By Kelsey Mays on May 11, 2012
The Detroit News reports President Barack Obama has joined Democrats in taking issue with GOP presidential candidate Mitt Romney's claim that he deserves credit for the resurgence of GM and Chrysler. Romney said last Monday that he pushed for a managed bankruptcy of the Detroit automakers, which federal officials eventually adopted. But Romney originally opposed the source of bankruptcy funding, in which Presidents George W. Bush and Obama funneled some $85 billion to GM and Chrysler and expect to lose around $22 billion. Obama called Romney's claims an "Etch-a-Sketch" moment, reiterating that there was no private financing available at the time, and short of federal funding, Chrysler and GM would have gone into liquidation, sacrificing "probably a million jobs throughout the Midwest." A Romney spokeswoman defended his structured bankruptcy plan to The Detroit News, calling Obama's comments "cheap political attacks."
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Senior Consumer Affairs Editor Kelsey Mays likes quality, reliability, safety and practicality. But he also likes a fair price. Email Kelsey