President-elect Barack Obama called on the Bush administration today to speed aid to automakers, saying his economic team was working on additional help that he will consider after his inauguration Jan. 20.
In his first press conference since the election, the Illinois senator said the country was "facing the greatest economic challenge of our lifetime," and vowed to get additional economic stimulus from Congress "sooner rather than later." But he also said the Bush administration remained in charge until his inauguration, and repeatedly said he would defer to the White House until then.
"The auto industry is the backbone of American manufacturing, and a critical part of our attempt to reduce our dependence on foreign oil," Obama said. "I would like to see the administration do everything it can to accelerate the retooling assistance that Congress has already enacted.
"In addition, I've made it a high priority for my transition team to work on additional policy options to help the auto industry adjust."
The Bush administration approved on Wednesday rules for $25 billion in loans to automakers for retooling plants, but the money won't reach the automakers until next year at the earliest. The administration said earlier today that it was up to Congress to enact any additional aid for automakers.
Obama did not offer any specifics on aid. Automakers have been pressing for an additional $25 billion in loans as well as loans from the Treasury or Federal Reserve.
By Justin Hyde - Free Press Washington StaffIn your voice
