Friday, December 19, 2008

President-Elect Obama's Statement on President Bush's Auto Rescue Plan

In response to this morning's announcement that President Bush will make $13.4 billion in federal loans available for General Motors and Chrysler LLC, President-elect Obama released the following statement:

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.

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