Axelrod on Economy: We Have to 'Do Something Big'

When asked if would support a rescue plan to save the Big 3, Shelby explained, "not a bailout plan, not taxpayers." Instead, he suggested the companies should be allowed to file for Chapter 11 bankruptcy.

"They've got failed models, failed leadership," he said. "I believe the companies could turn themselves around. With the proper management, proper leadership, they could get lean; they could get competitive. But I believe what they're interested in is getting on the taxpayers' relief fund. ... I don't believe $25 billion will be enough. I don't believe $50 billion will be. I believe it will take several hundred billion, and still, they might not make it. So I believe they've got an opportunity to go through restructuring in Chapter 11."

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