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Gov't-Backed Bankruptcy Possible For GM, Chrysler

White House says it has not closed the door to a government-backed bankruptcy for struggling automakers.

DENVER (AP) -- The White House says it has not closed the door to a government-backed bankruptcy for struggling automakers.

President Barack Obama's top spokesman told reporters aboard Air Force One on Tuesday that he wouldn't rule out bankruptcy for Detroit automakers. Robert Gibbs said the administration looks forward to reviewing General Motors and Chrysler's restructuring plans, which were due Tuesday.

Gibbs says it's important for the economy to have a strong and viable auto industry and that it's up to automakers to make choices about what is most helpful to their recovery.

He also confirmed that GM on Tuesday received another $4 billion in government funds.

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