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Obama warns car bailout comes with strings

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Obama warns car bailout comes with strings


Incoming US President Barack Obama has promised to help the embattled carmaking industry, but only if it seizes the opportunity to reform.

Obama’s announcement comes after outgoing President George W. Bush promised a 12.5 billion Euro deal to help out the three main manufacturers; Chrysler, General Motors and Ford.

Obama has said he will work with both management and unions to help get the industry back on track at a time of the year when the lack of demand for cars is expected to send the industry into further crisis.

However the new president has yet to announce whether he will make any changes to Bush’s rescue plan once he takes office on January 20th 2009.

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