All Blog Posts from Political Hotsheet

As General Motors heads down the road to bankruptcy aided by taxpayer dollars, Sen. Richard Shelby (R-Ala.) says the U.S. is on the road toward socialism.

Speaking to The Early Show Friday, a day after the auto giant reached a deal — brokered by the U.S. government — with its bondholders that will eliminate the company's unsecured debt in exchange for stock, Shelby said bankruptcy was unavoidable, but that the decision should have been made six months ago.

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Treasury Secretary Timothy Geithner said today that General Motors and the American auto industry will require "very substantial restructuring," and that the Obama administration is prepared to help make that process work.

"We're prepared to explore all options to make that possible, but our test is, what's going to work? What's going to allow them to emerge from this strong enough so they can survive without assistance from the government on an ongoing basis?" Geithner said on CBS News' Face The Nation.

One option he did not rule out is a controlled bankruptcy for GM.

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