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Romney Adamantly Opposes Auto Industry Bailout

Former Massachusetts Gov. Mitt Romney is standing steadfastly behind the forces opposing a $25 billion "bridge loan" for struggling Detroit auto manufacturers.

Speaking Thursday morning amid growing signs of gridlock in Congress, Romney said "there's no question but that if you just write a check, you're going to see these companies go out of business ultimately."

He told CBS's "The Early Show" that he doesn't want to see the carmakers go out of business, "but we don't want them to continue business as usual."

Romney, who unsuccessfully sought the Republican presidential nomination, has ties to Michigan. His father, George Romney, headed an auto company there and was the state's governor.

Mitt Romney said Thursday he believes bankruptcy filings or an out of court settlement might be the best answer "get these companies into a competitive position so that they can stay, grow and add jobs."

This program aired on November 20, 2008. The audio for this program is not available.

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