Obama disappointed by collapse of auto bailout vote

Washington, Dec 13 (ANI): President-elect Barack Obama is disappointed that 14 billion dollars auto bailout collapsed in the Senate after supporters were unable to get the 60 votes needed to clear a filibuster; the closure vote was 52-35.

"I am disappointed that the Senate could not reach agreement on a short-term plan for the auto industry. I share the frustration of so many about the decades of mismanagement in this industry that has helped deliver the current crisis," Obama said.

"Those bad practices cannot be rewarded or continued. But I also know that millions of American jobs rely directly or indirectly on a viable auto industry, and that the beginnings of reform are at hand," Politico quoted him, as saying.

The revival of our economy as a whole should not be a partisan issue. So I commend those in Congress as well as the administration who tried valiantly to forge a compromise, the President-elect said.

"My hope is that the administration and the Congress will still find a way to give the industry the temporary assistance it needs while demanding the long-term restructuring that is absolutely required." (ANI)