Nov 9th, 2008 by RJ Menezes
In one of his first acts as president of the United States, President Obama has met with his economic advisory board about the current state of the U.S. auto industry. President Obama went as far as asking the White House to accelerate financial aid to the weakening American auto industry in an attempt to jump start the healing process of what has become one of our biggest modern economic challenges.
Later calling the auto industry as “the backbone of American manufacturing,” President Obama has since urged the Bush administration to “do everything they can to accelerate the retooling assistance that Congress has already enacted.” Obama also said his transition team is considering additional legislation and policy options “to help the auto industry adjust, weather the financial crisis and succeed in producing fuel-efficient cars here in the United States.”
It is obvious that without federal assistance (and fast!) the Detroit “Big 3” cannot survive in the long run. President Obama knows how important of an infrastructure the auto industry is to the U.S. economy, but more importantly his push for more fuel efficient cars is evidence that he doesn’t want the same mistakes made again. Whether or not congress is on his side is still to be seen.
-Source: Inside Line
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