Obama calls for 'temporary assistance' to shore up car companies

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Obama calls for 'temporary assistance' to shore up car companies

A statement, just released, from President-elect Barack Obama about the collapse of the auto industry bailout plan:

"I am disappointed that the Senate could not reach agreement on a short-term plan for the auto industry. I share the frustration of so many about the decades of mismanagement in this industry that has helped deliver the current crisis. Those bad practices cannot be rewarded or continued.

"But I also know that millions of American jobs rely directly or indirectly on a viable auto industry, and that the beginnings of reform are at hand. The revival of our economy as a whole should not be a partisan issue. So I commend those in Congress as well as the administration who tried valiantly to forge a compromise.

"My hope is that the administration and the Congress will still find a way to give the industry the temporary assistance it needs while demanding the long-term restructuring that is absolutely required."