Wednesday, February 25, 2009

Report : Obama vows not to give up on Detroit automakers (GM and Chrysler)

With the terrible financial status of both GM and Chrysler, they've asked for more loans and showed a validity plan for the new Obama administration. At last night's President Barack Obama’s address to Congress, he vowed to commit to reworking the auto industry, saying that it is too important to drop out or let go.

Obama will present is first budget proposal on Thursday, but in his speech, he said that his administration will focus on three things: energy, health care, and education. As for the broken American auto industry, it will be filed under energy.

About halfway through the speech, the president said:

“As for our auto industry, everyone recognizes that years of bad decision-making and a global recession have pushed our automakers to the brink. We should not, and will not, protect them from their own bad practices.

“But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win. Millions of jobs depend on it. Scores of communities depend on it. And I believe the nation that invented the automobile cannot walk away from it.”

So Obama made it quite clear that he won't leave the American auto industry to die, and promised to help them create a ”re-imagined” new auto industry that people will change their minds about American cars. We hope they succeed!

Source : [Source: Automotive News (subs. req.) Image: Saul Loeb/Getty]

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