Gov't-Backed Bankruptcy is Option For Automakers

By: Associated Press
By: Associated Press

The White House says it has not closed the door to a government-backed bankruptcy for struggling automakers.

President Barack Obama's top spokesman told reporters aboard Air Force One today that he wouldn't rule out bankruptcy for Detroit automakers. Robert Gibbs said the administration looks forward to reviewing General Motors and Chrysler's restructuring plans, which were due today.

Gibbs says it's important for the economy to have a strong and viable auto industry and that it's up to automakers to make choices about what is most helpful to their recovery.

He also confirmed that GM received another $4 billion in government funds today.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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