McCotter: Ouster of GM’s Wagoner not helpful

The ousting of GM CEO Richard Wagoner does not seem helpful as the company prepares to again revamp its business plan over the next 60 days, Rep. Thaddeus McCotter (R-Mich.) said of the Obama administration’s plans to be announced today.

McCotter, who was among the southeast Michigan lawmakers briefed by administration officials last night about President Obama’s strategy toward the automakers, said that there are a number of gaps in the plan that the president must fill in.

“It doesn’t seek particularly helpful,” McCotter told The Hill about the interim leadership at GM to take hold during the 60-day window the company will have to re-file restructuring plans.

McCotter also took aim at the talk of potential bankruptcy for the automakers, which senior administration officials characterized as a quick, managed process.

“I think that overall, there was concern about the new talk about the substantial likelihood of bankruptcy,” he said. “The facile talk of ‘quick rinse’ bankruptcy — you would aptly be focusing on the word ‘bankruptcy.'”

The Michigan Republican said that the members of Congress who represent suburban Detroit districts were not happy, and need to be able to go back to their constituents with firm numbers and plans from the adminisration.

“I’m hoping that the president will fill in those gaps,” he added. “What does the administration, in concrete numbers, expect these companies to do?”