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Obama: Bush help to automakers a "necessary step"

CHICAGO
Fri Dec 19, 2008 11:55am EST

CHICAGO (Reuters) - President-elect Barack Obama said on Friday that the White House move to rescue Detroit's automakers was a "necessary step" to avoid an industry collapse that would have had dire consequences for the economy.

In a step aimed at saving the faltering companies, President George W. Bush $17.4 billion in emergency loans to the carmakers.

"Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers," Obama said in a statement.

(Reporting by Caren Bohan; Editing by Doina Chiacu)


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