McCotter: GM & Chrysler Can't Return from Bankruptcy

If Detroit's troubled automakers go into bankruptcy, they will never emerge, Rep. Thaddeus McCotter (R-Mich.) warned Friday.

"You...have to recognize the inherent social cost that will be entailed by the federal government if these companies go down," McCotter said in a podcast with RTT News. "If GM and Chrysler go into bankruptcy, a) they will not come out, and b) the workers and the families that will be dislocated will then have to rely on the social safety net to get them through this difficult period."

McCotter, who represents a metro Detroit district, said that while the restructuring plans proposed this week by GM and Chrysler will be painful, they should receive the support of the federal government -- as the companies had requested.

McCotter also warned of the tremendous impact on the state of Michigan and the midwest to be had if the companies end up failing.

"In Michigan, it's not simply an economic issue to us, it's a way of life," he said. "The entire Michigan that we've grown up and known will be gone, if those companies go under."

Listen to the interview here:

McCotter radio interview