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Obama urges quick deal on auto bailout

President-elect Barack Obama appealed for agreement this week on a federal auto bailout as the Senate mulled a 14-billion-dollar government lifeline for the troubled industry.

business Updated: Dec 11, 2008 23:03 IST

President-elect Barack Obama Thursday appealed for agreement this week on a federal auto bailout as the Senate mulled a 14-billion-dollar government lifeline for the troubled industry.

At a news conference, he reaffirmed that Washington "should provide short-term assistance to the auto industry to avoid a collapse while holding the companies accountable and protecting taxpayer interests."

"The legislation in Congress right now is an important step in that direction. And I'm hopeful that a final agreement can be reached this week," he said after the House of Representatives voted Wednesday in favor of the deal.