New reports tonight that General Motors is stepping up its preparation for a possible bankruptcy. General Motors, however, still hoping to win concessions from both creditors and unions to stay in business. The Obama administration has set a June 1st deadline for General Motors to put in place a plan for restructuring or be forced into bankruptcy.

Detroit obviously a part of Thaddeus McCotter’s district and he joins us here tonight.

Washington, D.C. – Representative Thaddeus McCotter (R-MI), Chairman of Republican House Policy Committee and the only Republican member from Michigan on the Financial Services Committee, issued the following comment on the resignation of GM CEO Rick Wagoner and the continued restructuring of the auto industry.

“Detroit is a last bastion of honor. Earlier this week, the President and the Treasury Secretary met with the Wall Street Chieftains who crashed our credit markets and dragged us to the precipice of a global depression. The White house pledged to work with these Wall Street CEOs who, even now, defend their bonus packages.

One of the first things I would like to make clear that I personally find offensive is the implication that the domestic American auto industry has not done anything since the 1970s to restructure.

If anyone believes that the Big Three were not restructuring prior to the credit crisis bringing them here today, or the CAFE mandates that have brought them here today, I invite you to my district.

I invite you to look at how the fragile fabric of people’s lives has been rendered asunder by a necessary restructuring process that has involved give and take on both sides, from labor and management.