“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. 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.  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.  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.”

–President-elect Barack Obama, in a statement Friday in response to the failure in Senate of the auto industry bailout proposal.