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BRIDGE BRIEF: The Truth About Romney & The Auto Rescue

Romney Said Government Support To Auto Industry Was Fine After A Managed Bankruptcy

Romney Said He Would Have Been “Fine” With Government Support To The Auto Industry But Only After A Managed Bankruptcy. According to The Detroit News, “[During an interview] Romney said Democrats are ‘distorting’ his record on the auto bailout, whose government-imposed conditions included filing bankruptcy. ‘If they needed help coming out of bankruptcy and government support, that was fine, but I was not in favor of the government writing billions of dollars in checks prior to them going into bankruptcy,’ he said.” [Detroit News, 06/05/12]

Romney Opposed Government Involvement In The Auto Industry

Romney Believed Things In Detroit Would Be Better Without Intervention.  According to a Detroit News op-ed, Romney wrote “The president tells us that without his intervention things in Detroit would be worse. I believe that without his intervention things there would be better.” [Detroit News, 2/14/12]

Romney Wrote That One Of The Agendas For A Free And Strong America Was To “Get The Government Out Of General Motors.” According to “No Apology” Mitt Romney wrote that one of the agendas for a free and strong America was to “Get the government out of General Motors—and other private companies.” [“No Apology” 2011 Pg. 318]

Romney Believed Automakers Should Have Had Private Bankruptcy Without Federal Aid. According to the Associated Press, “Romney told a diner at the Senate Coney Island restaurant Thursday morning that the automakers should have gone through a private bankruptcy without the federal aid. The businessman and former Massachusetts governor says he believes ‘in the process of law’ rather than bailouts.” [Fox News, Associated Press, 6/9/11 ]

Romney Said The Demise Of The Auto Industry Would Be “Virtually Guaranteed” By A Government Bailout. According to Romney, “If General Motors, Ford and Chrysler get the bailout that their chief executives asked for yesterday, you can kiss the American automotive industry goodbye. It won’t go overnight, but its demise will be virtually guaranteed. Without that bailout, Detroit will need to drastically restructure itself. With it, the automakers will stay the course — the suicidal course of declining market shares, insurmountable labor and retiree burdens, technology atrophy, product inferiority and never-ending job losses. Detroit needs a turnaround, not a check.” [Romney Op-Ed, New York Times, 11/19/08]