Obama has message for auto companies

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Obama has message for auto companies
« Thread Started on Dec 19, 2008, 3:02pm »

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Obama has message for auto companies
Posted: 02:53 PM ET
CHICAGO, Illinois (CNN) — President-elect Barack Obama advised the auto industry Friday to make good use of the loans Bush administration is making available to help restore their economic health.

“American people’s patience is running out, and they should seize on this opportunity to come up with a plan that is sustainable,” Obama said at a news conference.

He said he hadn’t had a chance to study the plan to give General Motors and Chrysler immediate access to $13.4 billion in federal loans, but he hopes the companies will be able to restructure while still providing security for workers.

Asked if he expects to make any changes to the plan, he said it is too early to say. He expressed support, however, for President George W. Bush having taken some action, saying that not making the money available would “have had devastating consequences for our economy and our workers.”