Tags: iobama | autos

Obama: Auto Industry Collapse Would Be a 'Disaster'

Sunday, 16 Nov 2008 09:23 PM

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

The potential collapse of the auto industry would be "a disaster" amid today's economic crisis, President-elect Barack Obama told CBS' "60 Minutes" in a wide-ranging interview airing Sunday.

"It's my belief that we need to provide assistance to the auto industry," Obama said. "But I think that it can't be a blank check."

The Senate is expected to vote this week on emergency loans to the auto industry, but the measure is facing strong opposition from many Republicans.

The Democrats plan is to authorize loans to the auto industry from the Treasury Department's $700 billion fund to bail out the financial services industry.

Detroit auto executives are scheduled to plead their case in public hearings in the House and Senate.

Obama, meanwhile, is also eager to use the automakers plight to push plans for a new generation of “green” vehicles using alternative technologies. There likely will be a tradeoff for any help the car companies receive.

"My hope is that over the course of the next week, between the White House and Congress, the discussions are shaped around providing assistance but making sure that that assistance is conditioned on labor, management, suppliers, lenders, all of the stakeholders coming together with a plan — what does a sustainable U.S. auto industry look like?

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Obama Sought Immigration Order for 'Fullest Extent' of His Legal Authority

Friday, 28 Nov 2014 22:11 PM

Months before his landmark announcement about executive action on immigration, President Barack Obama entered into disc . . .

Rick Perry Revs Up Campaign for 2016

Friday, 28 Nov 2014 21:33 PM

Texas Gov. Rick Perry will spend his last month in office meeting with more than 500 major GOP bundlers and donors in De . . .

Pope Francis Heads to Istanbul in Symbolic Visit

Friday, 28 Nov 2014 21:21 PM

Pope Francis on Saturday heads to Istanbul for the second leg of his first trip to Turkey, in a richly-symbolic visit se . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved