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U.S. automakers hope Obama will bring aid

 
By The Associated Press | Published: November 6, 2008    Comment on this article Leave a comment

DETROIT — Detroit automakers and their allies in Congress said Wednesday Barack Obama’s victory could help U.S. automakers line up federal funding needed for them to survive a terrible economic slump.

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Auto jobs

The Center for Automotive Research published a report Wednesday estimating that about 2.5 million jobs across the economy would disappear in the first year if the U.S. auto industry shrinks by 50 percent. Only 239,000 of those job losses would be at the Detroit Three — the remainder would be at parts suppliers and other related industries, the center said.

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Obama made it clear during his campaign that he understood the automakers’ problems and would work to preserve the industry, U.S. Sen. Carl Levin, D-Mich., said Wednesday.

"I’m very optimistic that we’re going to have a fighter in the White House for manufacturers, and that’s what we need,” Levin said. He said he was told Wednesday by Jason Furman, Obama’s senior economic adviser, that government aid is atop Obama’s agenda.

Levin said the Obama adviser did not commit to a specific funding path for the industry but was generally supportive.

Meeting is promised

Obama has said he will meet with industry leaders and the United Auto Workers immediately to talk about helping automakers, but auto industry officials said a meeting had not yet been scheduled.

Levin said Obama expressed support for doubling an

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Related Topics: Public Finance, Domestic Policy, Economic Policy, Government Spending, Financial Rescue Plans, Government and Politics



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