President Barack Obama is using GM's recent loan repayment and Chrysler's operating profit as proof that his "unpopular" auto bailout decision was the right thing to do.
"I knew this wasn't a popular decision. But it was the right one," Obama said. Without the bailout, the American economic outcome could have been much more disturbing.
"General Motors and Chrysler...were on the brink of collapse. The rapid dissolution of these companies -- followed by the certain failure of many auto parts makers, car dealers and other smaller businesses -- would have dealt a crippling blow to our already suffering economy."
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