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President Barack Obama strongly defended the administration's decision to force bondholders and debt holders at General Motors and Chrysler to take billions of dollars in losses as part of the government's bailout of the automakers.

"Some of the folks who made the biggest concessions were actually the workers. They took huge cuts in terms of pay and benefits because they understood their wage structures could no longer support the auto industry in a competitive era," Obama told a town hall meeting sponsored by CNBC today.





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Is Obama Trying To Convince YOU Or Himself That The Bailout Was A Success?

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