Geithner: Bankruptcy Still An Option For GM
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.
One option he did not rule out is a controlled bankruptcy for GM.
"General Motors is going to be part of this country's future," he said, reiterating President Obama's call for a strong American auto industry.
"Well, the new man at GM who took Rick Wagoner's place said this morning on NBC that some sort of a managed bankruptcy may very well be the best alternative," said host Bob Schieffer. "I take it you agree with that?"
"Well, there's a range of options that could work," Geithner responded. "Again, our test is, what's going to work? We're open to what's going to work. We're prepared to be helpful and to help that.
"These guys have made some progress in putting together a restructuring plan, but they're not there yet."
To watch Timothy Geithner discuss economic recovery and the auto industry click on the video player below.
More from Face The Nation (4.05.09):
To watch CBS News chief foreign correspondent Lara Logan and Washington Post reporter Perry Bacon discuss the state of world relations click on the video player below.