Bush lent the auto companies $17.4 billion, Obama bailed them out to the tune of $85 billion of which $26 billion will never be recouped.
(Washington Examiner) — President Obama today asserted that President Bush was responsible for bailing out auto companies in Detroit. Obama, on the other hand, implemented dramatic changes that saved the industry.
“Keep in mind,” Obama said, “That the administration before us, they had been writing some checks to the auto industry asking nothing in return. It was just a bailout, straight — straightforward.
Obama explained that he “demanded responsibility” from the auto industry, forcing it to “retool and to restructure,” making it “more efficient.”
“Over the past two years, that entire industry has added nearly 160,000 jobs.” Obama continued, “GM is number one in the world again. Ford is investing billions in new American plants. Chrysler is growing faster. So today, the American auto industry is back.”