Auto industry bailout has staying power in presidential race

Oct 29
07:01

2012

Ramyasadasivam

Ramyasadasivam

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The government bailout of the U.S. auto industry and Mitt Romney's 2008 opinion piece opposing it continue to resonate in the presidential campaign.

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At campaign stops across the Buckeye State,Auto industry bailout has staying power in presidential race Articles President Barack Obama and Vice President Joe Biden have touted the resurgence of the auto industry, and how thousands of Ohio jobs were saved as a result.

Romney has tried to convince Ohio voters that the restructuring that General Motors and Chrysler went through is much like what he advocated. Gov. John Kasich, meanwhile, has tried to downplay the impact of the bailouts on the state's economy.

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The topic sparked a heated exchange during the final debate.

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President Barack Obama said Monday that Romney's proposal -- presented in a New York Times op-ed piece under the headline "Let Detroit Go Bankrupt" -- would have killed the industry. (The 2008 opinion piece soared to the top of the New York Times most-viewed list after the debate.

In the article, Romney said the companies should go into bankruptcy and then the government should provide loan guarantees. Romney said at the debate he would have not allowed the industry to die, and he favored government assistance after bankruptcy filing. Obama accused him of trying to rewrite history. 

Read More: cleveland.com