Bailouts A "Necessity," Summers Says

President Barack Obama's economic adviser says the administration's efforts to rescue banks, insurance companies and car makers were done out of "necessity not choice."

White House National Economic Council Director Lawrence Summers' remarks come after government bailouts have put billions of taxpayer dollars at risk.

"Barack Obama ran for president to restore America's role in the world, reform our health care system, achieve energy independence, and prepare our children for a 21st century economy. He did not run for president to manage banks, insurance companies, or car manufacturers. The actions we take are those of necessity, not choice," Summers said.