Barack Obama Promises Car Industry Won’t Collapse

Speaking to NBC’s Meet the Press on Sunday morning President-elect Barack Obama has promised he would not allow the troubled car industry to collapse but assured any government help would come with strict conditions.

While Obama said allowing Chrysler, General Motors and Ford to collapse was not an option he followed that by declaring Detroit’s Big Three would have to restructure while a long-term solution was put in place.

Leaders of the three automakers have appeared before Congress asking for a $34 billion rescue plan but their request has been met with several questions regarding how the money would be spent.

Obama did not specify how the rescue plan would be crafted but did say, “we're going to have to figure out how to put the pressure in the same way a bankruptcy court would... but do so in a way that allows them to keep their factory doors open.”

Obama will take office on January 20.

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