FACTBOX: U.S. politicians divided on GM bankruptcy

(Reuters) - Democrats and Republicans offered sharply differing views of the Obama administration's pledge to give another $30 billion to General Motors Corp, which filed for bankruptcy on Monday.

Following are excerpts from various politicians:

PRESIDENT BARACK OBAMA:

"I am absolutely confident that if well managed, a new GM will emerge that can provide a new generation of Americans with a chance to live out their dreams, that can out-compete automakers around the world, and that can once again be an integral part of America's economic future. And when that happens, we can truly say that what is good for General Motors and all who work there is good for the United States of America.

"What we are not doing -- what I have no interest in doing -- is running GM. GM will be run by a private board of directors and management team with a track record in American manufacturing that reflects a commitment to innovation and quality.

"When a difficult decision has to be made on matters like where to open a new plant or what type of new car to make, the new GM, not the United States government, will make that decision."

JOHN BOEHNER, HOUSE REPUBLICAN LEADER:

"This agreement may buy some time, but does nothing to ensure GM's success. The only thing it makes clear is that the government is firmly in the business of running companies using taxpayer dollars. Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation to economic viability?"

"It's time for the administration to fully explain what the exit strategy is to get the U.S. government out of the board room once and for all."

HARRY REID, SENATE DEMOCRATIC LEADER:

"President Obama's decision to take a short-term stake in General Motors is driven by our nation's shared interest in ensuring the American auto industry can survive.

"This bankruptcy is a regrettable but necessary step to ensuring the auto industry remains the core of our domestic manufacturing base, preserving jobs, strengthening our economy, and ultimately moving America further down the path to energy independence."

ERIC CANTOR, HOUSE REPUBLICAN WHIP:

"The nature of this bankruptcy agreement raises serious questions about the ultimate cost to millions of Americans. While the government has now subsidized GM to the tune of $50 billion, the administration has not demonstrated the ability to account for this enormous taxpayer expenditure.

"In order to make the tough choices required in bankruptcy, the administration must explain how taxpayer money is being spent, ensure proper oversight, and demonstrate the ability to turn off the taxpayer spigot once and for all."

REP. JOHN DINGELL, MICHIGAN DEMOCRAT:

"The significance of the GM-UAW contract re-negotiation should not be discounted in court. The concessions made by the UAW go beyond even those called for by the Bush administration in its loan guarantee with GM, and the workers and retirees who have already sacrificed so much should be protected.

"It is welcome news that GM has committed to increase its share of U.S. production for U.S. sale by building a new small car at an idled UAW facility. I will continue to fight for the core principle that my old friend Doug Fraser set forth many years ago: 'If you sell here, build here.'"

MICHAEL STEELE, CHAIRMAN OF REPUBLICAN NATIONAL COMMITTEE

"No matter how much the president spins GM's bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign.

(The Republican National Committee posted a web video about what it called "Government Motors" here)

RALPH NADER, INDEPENDENT AND FORMER PRESIDENTIAL HOPEFUL

"The bankruptcy and the GM restructuring plan are the product of a secretive, unaccountable, Wall Street-minded government task force that assumed power because of a congressional abdication of historic magnitude.

"America's manufacturing base will be further eroded, as GM pursues its Grand China Strategy -- increasing manufacturing outside of the United States, and increasingly from China, for import back into the United States. Unanswered questions persist about how GM's valuable operations in China, and unrepatriated profits, will be treated in bankruptcy, or excluded from bankruptcy."

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(Editing by Steve Orlofsky)