President Barack Obama heralded the turnaround of the U.S. auto industry in his weekly radio address — ahead of the second debate showdown Tuesday with Republican rival Mitt Romney.Obama touted his decision to rescue General Motors Co. and Chrysler Group LLC as part of the $85 billion bailout — and he praised some new models hitting the showrooms.
"Just a few years ago, the auto industry wasn't just struggling — it was flatlining. GM and Chrysler were on the verge of collapse. Suppliers and distributors were at risk of going under. More than a million jobs across the country were on the line — and not just auto jobs, but the jobs of teachers, small business owners, and everyone in communities that depend on this great American industry," Obama said. "But we refused to throw in the towel and do nothing. We refused to let Detroit go bankrupt. We bet on American workers and American ingenuity, and three years later, that bet is paying off in a big way."
Obama did not mention that GM and Chrysler did in fact file for bankruptcy in the summer of 2009 — and the administration pushed the two into court restructuring as part of the bailout.
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