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Obama's Press Conference and the US Auto Industry

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Today President-Elect Barack Obama hosted his first press conference since being elected. He made the following comments about his plans for the US auto industry:

"The news coming out of the auto industry this week reminds us of the hardship it faces -- hardship that goes far beyond individual auto companies to the countless suppliers, small businesses and communities throughout our nation who depend on a vibrant American auto industry. The auto industry is the backbone of American manufacturing and a critical part of our attempt to reduce our dependence on foreign oil.

I would like to see the administration do everything it can to accelerate the retooling assistance that Congress has already enacted. In addition, I have made it a high priority for my transition team to work on additional policy options to help the auto industry adjust, weather the financial crisis, and succeed in producing fuel-efficient cars here in the United States of America. And I was glad to be joined today by Governor Jennifer Granholm, who obviously has great knowledge and great interest on this issue. I've asked my team to explore what we can do under current law and whether additional legislation will be needed for this purpose."

It is sounding more and more likely that there will be government financial support for GM, Chrysler and Ford. That's good news for these struggling giants. See the video below.

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