Obama to Detroit: No cash for business as usual

The drumbeat is getting louder for bigger change in the U.S. auto industry if the government steps in with a bailout plan this week. Former Labor Secretary Robert Reich told the Wall Street Journal that labor may have to make concessions. And on 60 Minutes last night, President-Elect Barack Obama had this to say when Steve Kroft asked him about a bailout of Detroit: “My hope is that over the course of the next week, between the White House and Congress, the discussions are shaped around providing assistance but making sure that that assistance is conditioned on labor, management, suppliers, lenders, all the stakeholders coming together with a plan — what does a sustainable U.S. auto industry look like?”

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