Government-Backed Bankruptcy is an Option for Automakers

DENVER (AP) - The White House says it has not closed the door to
a government-backed bankruptcy for struggling automakers.
President Barack Obama's top spokesman told reporters aboard Air
Force One on Tuesday that he wouldn't rule out bankruptcy for
Detroit automakers. Robert Gibbs said the administration looks
forward to reviewing General Motors and Chrysler's restructuring
plans, which were due Tuesday.
Gibbs says it's important for the economy to have a strong and
viable auto industry and that it's up to automakers to make choices
about what is most helpful to their recovery.
He also confirmed that GM on Tuesday received another $4 billion
in government funds.

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