Filed under: Government/Legal , Chrysler , GM Without the government bailout of General Motors and Chrysler , the U.S. auto industry would likely have two fewer domestic automakers and hundreds of thousands of high paying jobs would be history. The Detroit News reports that ex auto task force chief Steve Rattner recently told an audience at a bankruptcy conference that the state of Michigan and the city of Detroit would have faced municipal bankruptcy if Chrysler and GM were liquidated. Instead, Rattner claims the government bailout not only saved untold thousands of jobs and two enormous American car companies, but the price tag for the government is shrinking as time goes on

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Rattner: Auto bailout saved Michigan from bankruptcy