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Obama Pushes for Auto Industry Bailout at White House

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2008-11-12

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President-elect Barack Obama made his first visit to the White House after the election and met with outgoing President George W. Bush.
As they walked down the corridors of the Presidential mansion on Tuesday and as they talked privately in the Oval Office the two seemed amicable far from being at odds.
Yet‚ Obama wasn't wasting time‚ as he reportedly brought up the issue of helping the ailing US auto industry something he wants to move on before taking office in January.
The Democrats are asking for an auto industry bailout as part of the already existing 700 billion US dollar stimulus package.
The Bush administration is said to be unwilling to concede on this idea as long as president elect Barack Obama‚ along with Democratic congressional leaders‚ shun the pending free-trade agreement with Colombia a deal the current president has fought hard on and wants to see finished.
There is no doubt the US auto industry is in need of financial help as it is asking for emergency loans of up to 25-billion dollars.
Auto giant General Motors reported third-quarter losses of over 4-billion dollars last week saying it may be out of cash by next June and Ford Motor Company also reported losses of almost 3-billion dollars for the same period.
Obama's incoming administration has promised to protect American jobs which means supporting an industry which generates 3-million of those jobs including auto parts and other suppliers and dependent businesses.
Shin Haejoo‚ Arirang News.
Reporter : hshin@arirang.co.kr

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