Life & Style | Motoring

Barack Obama backs US auto rescue

Barack Obama promises to rebuild the US auto industry, while George W. Bush offers $17.4b to automakers.

  • Agencies
  • Published: 09:43 December 20, 2008
  • Gulf News

  • US President George W. Bush has offered $17.4 billion in emergency loans to Detroit's "Big Three" car giants.
  • Image Credit: Gulf News Archive

Chicago: US President-elect Barack Obama told troubled automakers on Friday that he would create more autoworker jobs to rebuild the industry.

Obama's statements came after President George W. Bush offered $17.4 billion in emergency loans to Detroit's "Big Three" car giants.

"My top priority in this administration is to create 2.5 million new jobs and I want some of those jobs to be in the auto industry," Obama told a news conference.

He declined to say what, if any, changes he would make to the auto rescue plan announced by the White House after he takes office on January 20.

He said his economic team would discuss with workers and management ways to ensure their collective survival, saying the chance to end bad management practices and reform the industry "must not be squandered".

"I do want to emphasize to the Big Three auto makers and their executives that that the American people's patience is running out," he said, adding that the auto executives must come up with a restructuring plan that is sustainable.

Obama said it was clear that any plan to put the car industry back on track would involve "painful steps."

"I just want to make sure that when we see a final restructuring package, that it's not just workers who are bearing the brunt of that restructuring," he added. "All shareholders are going to have to play a part in this process."

  • Rate this article
  • Average reader rating (0 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

Related Articles

  1. Bush throws lifeline to US carmakers

    Bush throws lifeline to US carmakers

    Bush says US will help automakers avoid collapse

  2. US automakers to get $17.4b

    US automakers to get $17.4b

    US Administration official: Automakers to get $17.4b

  3. Credit crisis fails to dampen luxury carmakers' spirits

    Credit crisis fails to dampen luxury carmakers' spirits

More from Motoring

Gulf News
Popular in Motoring
Life & Style editor's choice
Baby Boomer: BMW's X1
Articles

Baby Boomer: BMW's X1

Richard M Hammond gets acquainted with BMW's new baby X1

Popular in GNTV
Popular in Pictures