Obama: Romney Wants to 'Airbrush History' on Auto Bailout

GOP candidate denies he would have let the automobile industry flounder.
3:00 | 10/22/12

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Transcript for Obama: Romney Wants to 'Airbrush History' on Auto Bailout
You are familiar with jobs being shipped overseas because you invest -- companies that -- ship jobs overseas. And -- that's your right I mean that's how are free market works. But I've made a different bat on American workers. Now if we have -- your -- governor -- about our auto industry we'd be by and apart from China instead of selling parts to China. If we take your advice would respect that we change our tax code so that companies that are profits overseas. Don't pay US taxes. Compared companies here that are paying taxes. Now that's estimated to create 800000 jobs problem as they won't be here don't be in places like China. But the but the president mentioned the auto industry and that somehow I would be in favor of jobs being elsewhere nothing -- be further from the truth. I'm a son of Detroit I was born in Detroit my dad was head of a car company. I like American cars and I would did nothing to -- the US auto industry. My plan to get the industry on its feet. But it was in real trouble. Was not the start writing checks it was President Bush the wrote the first checks I disagree with that I said they need these companies need to go -- a managed bankruptcy. And in that process they can get government help and government guarantees but they need to go through bankruptcy to get rid of excess cost and the debt burden that they'd they'd built up. -- -- -- Robert with a resident of what you -- -- fortune the fire on the give and take a look at the robbery you do get a look at the -- not saying -- -- -- -- -- governor help I said that we will provide guarantees. And and that was what was -- -- able to allow these companies to go through bankruptcy to come out of bankruptcy. Under no circumstances would I do anything other than to help this industry get on its feet and the idea that. It has been suggested that I would liquidate the industry. Of course of course now let's check that's at the height of silliness what -- about -- -- set I would article record I would liquidate the -- governor. I want to people -- Detroit auto informatics I think. Anybody out there can check the record. Governor -- you keep on trying to. -- air brush history here you were very clear. That you would not provide. Government assistance. To the US auto companies. Even if they went through bankruptcy you said that they could get it in the private marketplace that wasn't true. They would have gone through a look at Iran I I don't know why am not a wrong I am not I don't look at it right people will look about it.

This transcript has been automatically generated and may not be 100% accurate.

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