Mitt Takes Credit for Saving Auto Industry

Comments a 'new low in dishonesty,' Obama campaign says
By Rob Quinn,  Newser Staff
Posted May 8, 2012 4:20 AM CDT
Updated May 8, 2012 5:10 AM CDT
Mitt Romney speaks to the Detroit Economic Club earlier this year.   (AP Photo/Gerald Herbert)

(Newser) – Mitt Romney says he deserves a lot of the credit for saving America's auto industry, despite his vocal opposition to taxpayer help for General Motors and Chrysler in 2008. The Republican, speaking at an auto parts maker in Cleveland yesterday, said Obama followed his lead by allowing both firms to go into a managed bankruptcy—although the course of action Romney suggested was very different from the one Obama took, because both firms were able to file an orderly bankruptcy on the strength of government loans Romney opposed, notes AP.

"I pushed the idea of a managed bankruptcy," said Romney, whose anti-bailout stance has caused lingering bitterness in Michigan, where he is campaigning today. "Finally, when that was done, and help was given, the companies got back on their feet. So I'll take a lot of credit for the fact that this industry's come back." Obama's campaign called Romney's comments "a new low in dishonesty," and urged him to have "the courage and integrity" to admit he was wrong.

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