Obama backs revamped U.S. auto industry

Newswire

WASHINGTON, Feb 24 (Reuters) - President Barack Obama said on Tuesday he supports revamping the U.S. auto industry to make it competitive but the government would not protect automakers from their own bad decision-making. "We should not, and will not, protect them from their own bad practices," Obama said in a televised address to Congress. "But we are committed to the goal of a re-tooled, re-imagined auto industry that can compete and win." The Bush administration approved a $17.4 ...

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