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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

Obama Applauds Auto Bailout

President-elect Barack Obama is praising President Bush's decision to offer more than $17 billion in loans to rescue the ailing auto industry.

Obama is calling the rescue plan “a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers.”

In a statement released this morning, Obama said U.S. automakers now must work with labor, dealers, creditors and suppliers “to make the hard choices necessary to achieve long-term viability.”

--Kim Hart

By Kim Hart  |  December 19, 2008; 11:50 AM ET
Categories:  The Ticker  
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Next: Auto Workers, Suppliers, Dealers Show Relief

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