Romney, a Detroit native and the son of an auto executive, says that President Obama is simply holding on to the government's stake in GM to avoid embarrassing losses. At current prices, the federal government, which holds a 26 percent stake in GM, would lose about $16 billion on its $49.5 billion bailout.
He added: "There is no reason for the government to continue to hold (its GM stake)."
The government is now in its 35th month of GM ownership.
Romney strongly opposed the bailout of GM and Chrysler and has been a rather controversial figure throughout Detroit's recovery. Romney most recently received flak for taking the lions share of credit for the domestic auto industry's resurgence.
Obama responded by challenged Romeny's hero role, saying both GM and Chrysler would have failed under the Republican's leadership.
