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Tuesday
Nov082011

Democrats Hit Romney on Auto Bailout

Chip Somodevilla/Getty Images(WASHINGTON) -- Ahead of Wednesday night’s GOP presidential debate in Michigan, Democrats are renewing attacks on Mitt Romney over his opposition to the multi-billion dollar government bailouts of GM and Chrysler -- automobile giants that are headquartered in the state.

In a new web video titled “Hit the Road, Mitt,” the Democratic National Committee highlights a November 2008 op-ed Romney penned for The New York Times titled “Let Detroit Go Bankrupt” and features an audio clip of Romney saying those same words.

“This city.  Where American rubber meets the road.  A town that’s been to hell and back.  So what was his answer for the Motor City?” the narrator asks.

“Let Detroit go bankrupt,” interjects Romney’s voice.

The automakers, who did ultimately receive an infusion of government cash backed by President Obama and Congressional Democrats, have since experienced a resurgence of viability and profitability.  The issue has become an accomplishment frequently cited by Obama and his re-election campaign.

“Voters in Michigan will have a clear choice between Mitt Romney and the rest of the Republican field which wanted to let Detroit go bankrupt, and President Obama, who not only extended a loan and restructuring package that saved 1.4 million jobs up and down the auto supply chain,” DNC communications director Brad Woodhouse said in a statement.

GM and Chrysler have repaid much of the funds they received and preserved thousands of American jobs, but independent analysts say the bailout has cost taxpayers at least $14 billion because the stock the government received in exchange for the loans -- and later sold -- did not equal the value of the loans.

Copyright 2011 ABC News Radio

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