GM, Chrysler Bankruptcy Not Impossible, Obama Aide Says
By Michelle Krebs February 17, 2009DENVER -- President Barack Obama's chief spokesman said the administration can't rule out a restructuring through bankruptcy for struggling automakers, while adding the industry is "tremendously important" to the economy, Bloomberg News reported Tuesday afternoon.
Traveling to Colorado on Tuesday with the president, who signed the economic stimulus package, White House press secretary Robert Gibbs told reporters the administration won't "prejudge" the next steps for General Motors and Chrysler until the automakers present their own plans under terms of a government aid package. Those plans are to be filed after the stock market closes today.
The auto companies "represent a huge part of our manufacturing base, and to have a strong and viable auto industry is tremendously important for the future."
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