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President Obama on Tuesday defended his administration's 2009 bailout of the auto industry in a speech to the United Auto Workers union, saying it prevented another Great Depression from hitting the Midwest.



Obama said that, despite claims of Republican critics, the bailout was the only way to prevent the closure of General Motors and Chrysler Group and the collapse of the nation's supplier base.

He referred to the $80 billion bailout as a bet on the American worker, and added "Now, three years later, that bet is paying off, not just for you but for America."




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Obama Claims His Administration Prevented Another Great Depression With Automotive Bailout

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