On the eve of a Republican presidential debate in Michigan, the Obama campaign lashed out at frontrunner Mitt Romney for not supporting the taxpayer-funded bailout of U.S. automakers.
Obama campaign spokesman Ben LaBolt released the following statement Tuesday:
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“If Mitt Romney was President, there would not be an American auto industry. Industry experts have been clear: our auto companies would have faced liquidation if Mitt Romney had his way and more than 1 million Americans would have lost their jobs. Mitt Romney must explain to Michigan voters this week why he would have let Detroit go bankrupt. The loan package the President extended to the auto industry – combined with a restructuring plan – was essential to ensuring that the auto companies return to profitability and produce cars that will keep them competitive in the future.”
Romney criticized the federal bailouts of GM and Chrysler — a position with national appeal among Republicans but controversial in auto-dependant Michigan. During a previous stop in Michigan, however, Romney defended his stance.
“Some people believe in bailouts. I believe in the process of the law,” Romney said, according to the Associated Press. ”The idea of just writing a check, which is what the auto executives were asking for, was not the right course… It would have been best had the auto companies gone through the bankruptcy process without having taken $17 billion from government.”
The Republican debate at Oakland University will begin at 8 p.m. Wednesday on CNBC.
