Topics
Administration
Congress
Democrats
Elections
Ethics
Governor -- Alabama
Governor -- Alaska
Governor -- Arizona
Governor -- California
Governor -- Colorado
Governor -- Connecticut
Governor -- Delaware
Governor -- Florida
Governor -- Georgia
Governor -- Hawaii
Governor -- Illinois
Governor -- Indiana
Governor -- Iowa
Governor -- Kentucky
Governor -- Louisiana
Governor -- Maryland
Governor -- Massachusetts
Governor -- Michigan
Governor -- Minnesota
Governor -- Missouri
Governor -- Montana
Governor -- Nevada
Governor -- New Hampshire
Governor -- New Jersey
Governor -- New Mexico
Governor -- New York
Governor -- North Carolina
Governor -- North Dakota
Governor -- Ohio
Governor -- Oregon
Governor -- Pennsylvania
Governor -- Rhode Island
Governor -- South Carolina
Governor -- Texas
Governor -- Utah
Governor -- Vermont
Governor -- Virginia
Governor -- Washington
Governor -- Wyoming
Governors
Health Care
House
House -- Alabama -- 02
House -- Alabama -- 03
House -- Alabama -- 05
House -- Alaska
House -- Arizona -- 01
House -- Arizona -- 03
House -- Arizona -- 05
House -- Arizona -- 08
House -- Arkansas -- 01
House -- Arkansas -- 02
House -- California -- 04
House -- California -- 12
House -- California -- 26
House -- California -- 32
House -- California -- 50
House -- Colorado -- 02
House -- Colorado -- 04
House -- Connecticut -- 04
House -- Connecticut -- 05
House -- Florida -- 06
House -- Florida -- 08
House -- Florida -- 13
House -- Florida -- 15
House -- Florida -- 16
House -- Florida -- 18
House -- Florida -- 19
House -- Florida -- 21
House -- Florida -- 24
House -- Florida -- 25
House -- Georgia -- 05
House -- Georgia -- 10
House -- Georgia -- 12
House -- Idaho -- 01
House -- Illinois -- 01
House -- Illinois -- 03
House -- Illinois -- 05
House -- Illinois -- 06
House -- Illinois -- 10
House -- Illinois -- 11
House -- Illinois -- 14
House -- Illinois -- 18
House -- Indiana -- 03
House -- Indiana -- 07
House -- Indiana -- 09
House -- Iowa -- 03
House -- Iowa -- 04
House -- Kansas -- 02
House -- Kentucky -- 02
House -- Kentucky -- 03
House -- Louisiana -- 01
House -- Louisiana -- 02
House -- Louisiana -- 04
House -- Louisiana -- 06
House -- Maine -- 01
House -- Maryland -- 01
House -- Maryland -- 04
House -- Massachusetts -- 05
House -- Michigan -- 01
House -- Michigan -- 07
House -- Michigan -- 09
House -- Michigan -- 13
House -- Minnesota -- 01
House -- Minnesota -- 03
House -- Minnesota -- 06
House -- Mississippi -- 01
House -- Mississippi -- 03
House -- Missouri -- 09
House -- Nevada -- 02
House -- Nevada -- 03
House -- New Hampshire -- 01
House -- New Hampshire -- 02
House -- New Jersey -- 03
House -- New Jersey -- 05
House -- New Jersey -- 07
House -- New Mexico -- 01
House -- New Mexico -- 02
House -- New York -- 13
House -- New York -- 15
House -- New York -- 20
House -- New York -- 21
House -- New York -- 23
House -- New York -- 24
House -- New York -- 25
House -- New York -- 26
House -- New York -- 29
House -- North Carolina -- 03
House -- North Carolina -- 08
House -- North Carolina -- 10
House -- North Dakota
House -- Ohio -- 01
House -- Ohio -- 02
House -- Ohio -- 05
House -- Ohio -- 07
House -- Ohio -- 10
House -- Ohio -- 15
House -- Ohio -- 16
House -- Oklahoma -- 05
House -- Oregon -- 05
House -- Pennsylvania -- 03
House -- Pennsylvania -- 04
House -- Pennsylvania -- 06
House -- Pennsylvania -- 10
House -- Pennsylvania -- 11
House -- Pennsylvania -- 12
House -- Pennsylvania -- 15
House -- South Carolina -- 01
House -- South Carolina -- 02
House -- South Carolina -- 05
House -- South Dakota
House -- Tennessee -- 07
House -- Tennessee -- 08
House -- Tennessee -- 09
House -- Texas -- 07
House -- Texas -- 10
House -- Texas -- 14
House -- Texas -- 22
House -- Utah -- 03
House -- Virginia -- 01
House -- Virginia -- 05
House -- Virginia -- 09
House -- Virginia -- 11
House -- Washington -- 08
House -- West Virginia -- 02
House -- Wisconsin -- 08
House -- Wyoming
Inauguration 2009
International
Issues
Judiciary
Local Elections
Media
Miscellaneous
Morning Thoughts
Politics Weekly
Polls
Rankings
Republicans
Senate
Senate -- Alaska
Senate -- Arizona
Senate -- Arkansas
Senate -- California
Senate -- Colorado
Senate -- Connecticut
Senate -- Delaware
Senate -- Florida
Senate -- Georgia
Senate -- Idaho
Senate -- Illinois
Senate -- Indiana
Senate -- Iowa
Senate -- Kansas
Senate -- Kentucky
Senate -- Louisiana
Senate -- Maine
Senate -- Massachusetts
Senate -- Minnesota
Senate -- Mississippi
Senate -- Missouri
Senate -- Montana
Senate -- Nebraska
Senate -- Nevada
Senate -- New Hampshire
Senate -- New Jersey
Senate -- New Mexico
Senate -- New York
Senate -- North Carolina
Senate -- North Dakota
Senate -- Ohio
Senate -- Oklahoma
Senate -- Oregon
Senate -- Pennsylvania
Senate -- South Carolina
Senate -- South Dakota
Senate -- Tennessee
Senate -- Texas
Senate -- Utah
Senate -- Virginia
Senate -- Wisconsin
Senate -- Wyoming
Sports
Supreme Court
WH 08
WH 08 -- Democrats
WH 08 -- Republicans
WH 12
WH 12 -- Republicans
White House

 

« Strategy Memo: Big Day for Detroit | Blog Home Page | New York 20 -- What a District »

Obama Outlines Strategy For Auto Industry

President Obama today said that America's auto industry must endure some short-term pain to ensure its future, saying bankruptcy is a very real option for two of the largest automakers rather than making them "wards of the state."

The president's announcement came after GM and Chrysler submitted plans for restructuring under the terms of last year's bailout. Obama said those plans did not go far enough, and gave each a period to work with stakeholder groups to "justify an investment of additional taxpayer dollars."

The auto industry has been moving in the right direction, but Obama said there needs to be new leadership, and said GM CEO Rick Wagoner is stepping down in recognition of the fact "that it will take new vision and new direction to create the GM of the future." The company will receive funds to keep it operating for 60 days while it comes up with a "credible model for how to not only survive, but succeed." Chrysler, however, got a more sober prescription, saying funds will be cut off unless the company closes an agreement with Italy's Fiat to merge operations.

Obama then said bankruptcy may be a final option, but cautioned that it was not a death sentence. And he urged Americans to continue buying cars and hold on to the ones they had, with all warrantees guaranteed by the federal government. He said the government will take other steps as well to support the auto industry, speeding up the purchase of cars for its fleet, and working to adjust the stimulus program to create a program where Americans can exchange gas guzzlers for newer, more fuel efficient cars.

That is what Obama saw as the ultimate cure for the auto industry, saying it needs to build on current successes and speed up efforts to build cars that will end the nation's addiction to oil.

"The path I am laying out today is our best chance to make sure the cars of the future are built where they've always been built - in Detroit and across the Midwest; to make America's auto industry in the 21st century what it was in the 20th century - unsurpassed around the world," he said.

And speaking directly to auto workers, he pledged that he would fight for them.

"You are the reason I am here today," he added. "I got my start fighting for working families in the shadows of a shuttered steel plant and I wake up every single day asking myself what I can do to give you and working people all across this country a fair shot at the American dream.

Obama was flanked during the announcement by members of his economic team, including Treasury Secretary Geithner, as well as the secretaries of Energy, Commerce and Transportation.