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Obama notes needed shifts in economic fix
US President-elect Barack Obama wants to see shifts in how some of the nation's biggest economic problems are being handled.
- AP
- Published: 10:48 November 16, 2008
Washington: US President-elect Barack Obama wants to see shifts in how some of the nation's biggest economic problems are being handled.
In an interview with CBS 60 Minutes on Sunday, Obama said he would like to see help being given to the troubled auto industry and to homeowners fighting foreclosure.
"For the auto industry to completely collapse would be a disaster in this kind of environment," Obama said. "So it's my belief that we need to provide assistance to the
auto industry. But I think that it can't be a blank check."
Obama said he hopes that the White House and Congress will develop an assistance plan with input from all players in the industry—from management to labour and lenders.
He also wants to see more of a focus in the bailout plan on the needs of homeowners.
"We have not focused on foreclosures and what's happening to homeowners as much as I would like," Obama said.
"We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going to have an impact on the economy as a whole," he said.
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