Top Republicans Call for GM to Delcare Bankruptcy

General Motors should hand over the factory keys to a bankruptcy court, two top Republicans said Sunday.

Sen. John McCain, R-Ariz., said the best thing for the ailing automaker to do would be to go into Chapter 11 to reorganize some of its business agreements and come out stronger than before.

"I think the best thing that could probably happen to General Motors, in my view, is they go into Chapter 11, they reorganize, they renegotiate ... the union-management contracts and come out of it a stronger, better, leaner, more competitive automotive industry," McCain told "FOX News Sunday."

House Republican leader John Boehner said the nation's largest auto company must demonstrate a viable and long-term business plan if it wants more federal money.

But Rep. Thaddeus McCotter, R-Mich., told FOX News on Sunday that he disagrees with sending the auto companies into bankruptcy, calling it a "shallow approach" to dealing with a failure that would affect hundreds of thousands of workers.

"If GM and Chrysler are allowed to go in bankruptcy they will not come out," McCotter said. "This will exacerbate the foreclosure crisis, it will continue to hurt the credit crisis."

President Obama's task force on the auto industry is headed to Detroit on Monday for meetings with auto industry executives from both General Motors and Chrysler, which have received $13 billion and $4 billion, respectively, from the federal government.

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