Asking GM CEO Richard Wagoner to resign is “window dressing” on a larger problem, Sen. John McCain (R-Ariz.) said Monday.
Reacting to the Obama administration’s decision to fund the troubled automaker for 60 more days while it still works at its restructuring plans, McCain called for a managed bankruptcy for the pillar of Detroit industry.
“Calling for GM CEO to resign is unprecedented window dressing,” McCain tweeted. “GM needs restructuring as part of pre-negotiated bankruptcy package.”
Like many Senate Republicans, McCain has been critical of the administration’s steps to keep GM and Chrysler afloat as it loses billions of dollars in a sagging consumer and credit market.