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Obama plays up auto industry success story

Wednesday - 2/1/2012, 8:15am  ET

Associated Press

WASHINGTON - President Barack Obama is touring the Washington Auto Show, bringing attention to his decision to rescue General Motors and Chrysler three years ago _ and drawing contrasts with GOP opponent Mitt Romney.

Obama says the U.S. auto industry is back, and GM's success shows what's possible for American manufacturing. In a shot at Romney, who opposed the bailouts, the president said: "It's good to remember the fact that there were some folks who were willing to let this industry die."

The White House points to the auto industry as an economic success story. GM and Chrysler were on the verge of collapse when they received billions in loans from the Bush administration. The following year, Obama pumped in billions more.

The Detroit companies have since turned profits and rehired workers.

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