In his first press conference since he was declared the 44th president, Obama said that the U.S. auto industry is “the backbone of American manufacturing” and that the Bush administration should “do everything it can to accelerate the retooling assistance”.
At their Nov. 11 White House meeting, Obama stayed on this track and urged Bush to set aside $25 billion of the existing $700 billion bailout package for the limp auto industry.
It was reported that Bush “balked” at the idea of extending the rescue bailout package to businesses other than the banks and financial institutions.
But Bush reportedly told Obama that he was open to faster implementation of the separate $25 billion car-industry loan package that passed by Congress in September, which was designed to encourage the creation of more fuel-efficient cars.
He said he was hesitant to provide any more money than that.
Meanwhile, the Detroit-based auto industry is begging for help.
Stay tuned to Total Bankruptcy for more information as it develops.
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