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Obama Adviser Issues Warning to Automakers
Comments 0 | Recommend 0WASHINGTON (AP) - President-elect Barack Obama's top adviser has a warning for U.S. automakers: Without a plan to retool and restructure, there is very little taxpayers can do to help.
Congress last week refused to act on a bailout plan for the Big Three auto companies. Lawmakers are demanding that company executives first explain how they would reorganize themselves and make the industry viable.
Obama adviser David Axelrod says Congress is sending the right signal to the industry.
The automakers had asked for at least a $25 billion rescue.
Obama has supported giving the industry a hand, but has said he would not support a "blank check."
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