In fact, Obama DID take GM into bankruptcy. The difference is that rather than creditors getting their money as is what usually would happen, Obama - unique to GM and Chrysler - instead had the creditors shafted and covered the ass of union pensions. Nor is there mention that Chrysler went into bankruptcy too - against Obama's doing.
Thus, the attack against Romney for wanting GM to go thru bankruptcy and the President claiming he opposed this is one of the most massive lies of the campaign, with most of the media going along with this, reinforcing public ignorance by silence.
In the meantime, Ford did NOT take bailout money and did NOT go thru bankruptcy via the Obama plan - and is now the only profitable car manufacturer with the highest profits in almost 2 decades.
Ford earnings: Biggest profit since '98 - Jan. 27, 2012
Romney had it right that GM and Chrysler should have gone thru normal bankruptcy procedures like American Airlines, Delta and every other company back-to-the-wall financially that came out viable on the other end of it. GM came out of it in the same mess as it went into it - if not worse. Obama did NOT save GM. He gave taxpayer money to GM so it could 1.) cover union pensions and 2.) build car factories in China to ship US jobs and car manufacturing there.