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Let auto firms go bust, say majority of Americans
(Agencies)
Updated: 2009-04-10 15:21

WASHINGTON  – More than three-quarters of Americans think the government should let ailing automakers General Motors or Chrysler go bankrupt instead of bailing out the firms, according to a recently released poll.

Let auto firms go bust, say majority of Americans
The logo of US auto giant Chrysler in Miami, Florida. More than three-quarters of Americans think the government should let key ailing automakers go bankrupt instead of bailing out the firms, according to a recently released poll. [Agencies] 

Seventy-six percent of Americans think the federal government should let the auto companies go bankrupt, according to the survey conducted by CNN and the Opinion Research Corporation and published Thursday.

The government has pumped billions of dollars into GM and Chrysler in recent months in a bid to keep the auto giants afloat. President Barack Obama has warned however that the two firms could still face bankruptcy if they do not come up with viable plans to return to profitability.

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Since the auto crisis became headline news late last year, the poll found the number of Americans who think the US economy would face a major crisis if the auto firms go bankrupt has declined.

In December 66 percent of those surveyed said they thought the companies were too big to let fail, compared to 47 percent now. A majority -- 55 percent -- said they thought they wouldn't face any problems at all in their own lives if the automakers went bust.

Only 37 percent of Americans said they would purchase a car from a bankrupt company, although the figure jumped to 57 percent if the government were to promise to stand behind the cars' warranty.

The survey, conducted between April 3-5, interviewed 1,023 Americans by telephone and has a margin of error of plus or minus three percentage points.

GM and Chrysler have received a combined 17.4 billion dollars in public aid since December, and are still on the verge of collapse as the world's largest economy suffers its second year of recession.

The Obama administration has demanded they submit viable restructuring plans before further aid will be considered.