Obama On The Auto Bailout

The following statement was released from President Elect Barack Obama on his reaction to the $17.4 billion auto bailout plan announced today by President Bush: "Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers.  With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together -- including labor, dealers, creditors and suppliers -- to make the hard choices necessary to achieve long-term viability.  The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it." The following statement was released from President Elect Barack Obama on his reaction to the $17.4 billion auto bailout plan announced today by President Bush: "Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our ...