President Barack Obama has criticized Mitt Romney's claim of credit for the auto industry's success.

President Barack Obama has criticized presidential hopeful Mitt Romney for saying that he deserves "a lot of credit" for the successful turnaround of the American automotive industry.

"I think this is one of [Romney's] Etch-a-Sketch moments. I don't think anybody takes that seriously," said the commander-in-chief on ABC's Good Morning America. "People remember his position, which was, 'let's let Detroit go bankrupt' and his opposition to government "" government involvement in making sure that GM and Chrysler didn't go under."

According to Obama, had Romney been president at the time of the auto bailouts the United States would have lost General Motors, Chrysler and "probably a million jobs throughout the Midwest."

Obama also refuted the claim that private money, not government money, should have been used to rescue the two troubled companies.

"Every businessperson and economist out there understands that at the time I had to make the decision, there was no private sector option. Nobody was opening up their wallets to lend money to GM and Chrysler," explained Obama.

For Obama, the disagreement with Romney about the auto bailout is business as usual.

"I think the auto example is just one of the many differences that we are going to have on the economy," he said.

Romney did not personally respond to Obama's comments but a spokesperson for his campaign quickly issued a statement in rebuttal.

"We deserve better from our president than cheap political attacks designed to cover up record-high unemployment, falling incomes, and out-of-control spending and debt," said the last paragraph of the statement.