Republican Mitt Romney has a better idea: He would quickly dump the government's stake in General Motors.

He told The Detroit News that he thinks the President is holding on to the government shares to avoid an embarrassing loss before election.

"There is no reason for the government to continue to hold (its GM stake)," Romney said.

He also said this of Detroit leadership:

"I am convinced that anything is possible in America and I have watched Detroit suffer year after year after year," he said. "My own experience is if an enterprise of any kind continues to suffer over a long period of time, it is a result in large measure of a failure of leadership, and I am sure prior leaders did their best … but if a leader can't get things going, it's time to bring in a new leader."

Read more: Detroit News