Obama: "I Don't Want To Run Auto Companies"
(AP)
President Obama during his prime time news conference Wednesday night said he is hopeful Chrysler will remain a viable company--and that the federal government will be able to remove itself from the auto industry.
"I don't want to run auto companies, and I don't want to run banks," Mr. Obama said. "I've got two wars I've got to run already--I've got more than enough to do."
Chrysler faces a government-imposed deadline to finalize a partnership with Fiat SpA by this Thursday.
"I am more hopeful than I was 30 days ago that we can see a resolution," Mr. Obama said with respect to the deal, though he noted that the "clock is ticking."
The president said deals reached with Chrysler's major debtholders and sacrifices from labor unions improved the automaker's outlook for survival.
"The details have not yet been finalized, but I'm feeling more optimistic than I was about the possibilities of that getting done," Mr. Obama said.
He said, however, that it was "prudent" for Chrysler to prepare contingency plans, including filing for bankruptcy. Given the concessions made by debtholders, Mr. Obama said, it would be likely the company could emerge from bankruptcy proptection quickly.
The president said he saw potential in companies like General Motors, in spite of the fact that the current recession simply added onto the problems faced by an already-weak industry.
"I've always said GM has a lot of good products, and if they can get through these difficult times, they can emerge a strong, competitive viable company," he said.
Mr. Obama also added he would like to see the government extracted from auto business as quickly as possible. It is his responsiblity, he said, to ensure taxpayer dollars "are aimed not at short-term fixes that continue these companies as wards of the state."
He added that workers, as well as company stakeholders, will benefit from the government's assistance in the industry.
"We're going to be coming behind whatever plan is in place to make sure the federal government is providing as much assistance as it can to make sure people are landing back on their feet as we strengthen core businesses," he said.
Obama's First 100 Days
- Obama: Proud But Not Content
- Obama Urges Swine Flu "Contingency Plans"
- Obama: Info Gained Doesn't Justify Torture
- Obama: "I Don't Want To Run Auto Companies"
- Obama's "Enchanted" Answer
- Obama Hints At Change To "State Secrets" Privilege
- Watch The Full Webcast
- Huffington: Bank Bailouts Could Be Obama's "Achilles' Heel"
- Valerie Jarrett Defends Obama On CIA Memos
- Republicans Ponder: What Next?
- Americans Sound Off On Obama's 100 Days
- Photos: 100 Pictures For 100 Days
- Timeline: The Obama Presidency Day By Day
- Steve Chaggaris: 100 Days In, A Presidency Still Undefined
- Brian Montopoli: What Has Obama Meant For Black America?
- Marc Ambinder: Grading Obama's First 100 Days
- Mark Knoller: 100 Days By The Numbers
- Lara Logan: New President To Be Tested By Old Enemies
- Declan McCullagh: Obama's Transparency Vow Receives Mixed Reviews
- Jessica Derschowitz: The "Obama Effect" In Pop Culture
- Around The Web: What The Media Are Saying
- Chart: 100 Days In The Stock Market
- Word Cloud: President Obama's Words
- Polls: Obama | Race Relations | Torture | Same Sex Marriage | Our Poll, Your Questions | Video: Polling Director
- Complete 100 Days Coverage
Obama's Press Conference:
CBSNews.com's 100 Days Webcast With Katie Couric:
Recap, Analysis & Reaction:
Popular in Politics
- Obama forgets to salute while boarding Marine One Play Video
- IRS' Lerner was asked to resign, refused: GOP Sen. 183 Comments
- Obama prom pictures surface 131 Comments
- Petraeus biographer regrets affair
- GOP Rep.: Obama elected because of Reagan's immigration reforms
- Pelosi ties bridge collapse to sequester
- Palin Image: Confident, Secure Play Video
- Is President Obama ending the war on terror? 293 Comments
----------
johnsmith
<a href="http://bestforddealer.com">Best Ford Dealer</a>
You still on the goverment payroll?
..........................
What a Liberal car company would produce. It will claim to get 50 mph but will only get 15 but nobody will know because we will have to change to the metric system to please the Europeans. It will cost $100,000 but you will get a $300 tax credit. They will be 3 years behind schedule in production due to environmental reviews. Due to political correctness the tires will no longer be allowed to be black. It will not have AM on its radio because of the "Fairness Doctrine". When you sign for the car you are also signing as a new member of the UAW. It will have connectors for your child's car seat but because of their Civil Rights and you no longer having Parental Rights they will have to enter a special permission code before you are allowed to strap them in. The upholstry will be made out of hemp.
I am one of the original Teabaggers too, Is that ok with you?
or do you feel you have to control me?
Posted by Trust_me_ at 7:02 AM : Apr 30, 2009
How much Listerine did it take to get the taste out of your mouth?