GOP Presidential candidate Mitt Romney is trailing in the polls in Michigan ahead of that state's February 28 primary, and the former Mass. Governor thinks the way to close the gap is to bash the bailout of the auto industry in 2009 that saved General Motors and Chrysler from being broken up and liquidated in bankruptcy court.
General Motors didn't use another government loan to pay off the much-celebrated $4.7 billion portion of its federal debt. According to a spokesperson with the Treasury Department cited by Bloomberg, the Detroit-based carmaker properly used funds from an escrow account to do the deed. The funds were available for the automaker to use in the event that it ran across any extraordinary expenses, but since the manufacturer decided it didn't need the money, it paid it back.
Looks like the '08 Detroit Show could be a lot more interesting than normal, as the Michigan GOP is working to have NAIAS be the venue for (yet another) presidential debate, this one featuring the Republican candidates, obviously. The idea would be to highlight the Detroit automakers and to have the debate take a decidedly Michigan-oriented focus. Have there been too many debates already? Yes, for both sides. It's ridiculous, and they seem to get progressively worse with each new one. That said,
- Volvo shoots for self-drivers by 2021
- Jeep spends $1 billion on factories
- Find Parts & Accessories for your vehicle!
- Obama rolls out new EV plan
- Infiniti dealers ranked best, Tesla worst
- Compare Volvo XC90 and Lincoln MKX