Obama: Help for the U.S. auto industry is a high priority

While Detroit is reporting some very depressing headlines today, President-elect Obama called for swift action on the economy and said he will push for a for a second package to help the horrible U.S. auto industry which he said is “the backbone of American manufacturing.”

Obama said that help for the U.S. auto industry is a high priority for his transition team. He also urged the Bush administration to do “everything it can” to speed up the disbursement of $25 billion package to the industry.

“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,” said Obama.

Yesterday House Speaker Nancy Pelosi said that Congress is considering bailing out Detroit”s Big 3. Pelosi said she recently held a meeting with Democratic heads to consider another $25 billion in “˜bridge financing” to help the Big 3.

Source: CNBC