CHICAGO (AP) -- President-elect Barack Obama is praising President Bush's decision to offer more than $17 billion in rescue loans for the deeply troubled auto industry.
Obama called it "a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers."
In a statement released Friday, Obama said U.S. automakers now must work with labor, dealers, creditors and suppliers "to make the hard choices necessary to achieve long-term viability."
(Copyright 2008 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to firstname.lastname@example.org. Please provide detailed information.