House Speaker Nancy Pelosi rejected bankruptcy as a solution for domestic automakers, saying it would be “digging a hole far too deep.” President-elect Barack Obama’s transition team is exploring a swift, prepackaged bankruptcy for automakers as a possible solution to the industry’s financial crisis, according to a person familiar with the matter.
“Rather than going to that next step, let’s hope we can solve it before that,” Pelosi said at a briefing in Washington.
Bankruptcy by the automakers would have “a devastating impact on the workers, on the economy, on the manufacturing base and on the confidence of the country,” she said.
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