Back in 2009, we said this: As the GM bailout goes, so goes the Obama presidency.
Two years later, GM -- as well as Chrysler -- seems to be doing quite well after the bailout, thank you. Earlier this month, GM reported its biggest profit since 2000. And today, Chrysler said it has repaid $7.6 billion in loans from the U.S. and Canadian governments.
President Obama released this statement on Chrysler's repayment:
Chrysler’s repayment of its outstanding loans to the U.S. Treasury and American taxpayers marks a significant milestone for the turnaround of Chrysler and the countless communities and families who rely on the American auto industry. This announcement comes six years ahead of schedule and just two years after emerging from bankruptcy... Supporting the American auto industry required making some tough decisions, but I was not willing to walk away from the workers at Chrysler and the communities that rely on this iconic American company
And in a Web video, the Democratic National Committee is seizing on this positive auto news, noting that Republicans -- like Mitt Romney and Tim Pawlenty -- objected to the auto bailout back then. The video's kicker: "Detroit Bankrupt. If Republicans were in charge, this would be the headline."
*** UPDATE *** The Romney camp responds that what Obama did was follow Romney's recommendations for the auto industry. “President Obama spent billions of dollars in taxpayer funds to bailout the auto industry," said spokeswoman Andrea Saul. "Mitt Romney argued that instead of a bailout, we should let the car companies go through a restructuring under the protection of the bankruptcy laws. This is the course the Obama administration eventually followed. If they had done it sooner, as Mitt Romney suggested, the taxpayers would have saved a lot of money.”