No Blank Check for Automakers, Says President-Elect Obama

November 25, 2008
creative commons - flickr.com: http://www.flickr.com/photos/ssbn737rm/2905857864/

creative commons - flickr.com: http://www.flickr.com/photos/ssbn737rm/2905857864/

Enlarge Photo
While agreeing that the U.S. government must play a role in helping the struggling auto industry, President-elect Barack Obama cautioned that "we can't just write a blank check to the auto industry," speaking in the Detroit News. Obama also agreed with Congress' decision to wait until the Big Three return with a sound game plan for revival before lending them financial assistance.

Obama also urged Congress to pass a pricey job stimulus bill quickly in the hopes of creating jobs in the near term. He characterized the country's financial state as "an economic crisis of historic proportions," and Detroit News agreed, calling this mess "the worst economic crisis since the Great Depression."

During a news conference in which he introduced his administration's economic officials, Obama said he felt that restoring economic health currently takes priority over concerns about the deficit, but nonetheless pledged to restrict federal spending where possible.

Obama was very critical of the Big Three CEOs' performance at congressional hearings last week (to which they all flew individual private jets). Obama seems to see the debacle from both sides, and Detroit News quotes him as saying that "nobody wants to see more job loss ... but taxpayers don't want to see more money wasted."--Colin Mathews

---

Make sure you check out our partner sites dedicated to focused news, reviews and more for Ford, Chevrolet, Toyota, Honda, and the Toyota Prius.

2017
The Car Connection
See the winners »
2017
The Car Connection
Commenting is closed for this article
 
Ratings and Reviews
Rate and review your car for The Car Connection
Review your car
The Car Connection Daily Headlines
I agree to receive emails from the site. I can withdraw my consent at any time by unsubscribing.
Thank you! Please check your email for confirmation.