GM and Chrysler are in the throes of negotiations to avoid bankruptcy. GM’s CEO announced on Monday that the company will cut 21,000 more jobs, close 40% of its dealerships, and discontinue the Pontiac brand. Republican Congressman Thaddeus McCotter represents Michigan’s 11th district, west of Detroit. Unemployment is over 13% in his district, and now it looks like things are going to get worse. He join The Takeaway to discuss his perspective on the auto bailout and how he hopes the negotiations will pan out.
"I continue to support keeping as many people employed in Michigan and manufacturing as we possibly can. The alternative to not having this deal goes through is a bankruptcy liquidation."
—Rep. Thaddeus McCotter on a merger between Chrysler and Fiat