Terming the US auto industry as the backbone of country's manufacturing base, President-elect Barack Obama has said the industry cannot be "let down" however rejecting issuance of any "blank cheque" for Detroit manufacturers."We can't allow the auto industry simply to vanish. What I also have said is that we can't just write a blank cheque for the auto industry," Obama said addressing a press conference in Chicago.Highlighting the economic significance of the auto industry he said, "We can't allow the auto industry simply to vanish.We've got to make sure that it is there and that the workers, and suppliers, and businesses that rely on the industry stay in business".On the request made by the Big Three automakers last week for 25 billion dollars in government-backed loans Obama said, "Taxpayers can't be expected to pony up more money for an auto industry that has been resistant to change".With top executives from Chrysler, Ford and General Motors warning Congress that the domestic auto industry is facing a "catastrophic collapse" which would lead to the loss of millions of jobs if lawmakers don't help them weather a sharp economic downturn with "bridge" loans.Obama said "And I was surprised that they did not have a better-thought-out proposal when they arrived in Congress. I think Congress did the right thing, which is to say, You guys need to come up with a plan and come back before you're getting any taxpayer money".Cautioning that significant reform would be expected in exchange for government help the democrat said, "And my attitude is that we should help the auto industry, any help that we provide is designed to assure a long-term sustainable auto industry and not just kicking the can down the road."Asking for more financial clarity from the auto bosses, the President-elect said, "I think that the auto industry needs to present us with some clarity in terms of the dollar figures that they're talking about, but more importantly, are they describing for us an auto industry that is focused on retooling, understands that we're entering into a new energy economy, that is going to be competitive globally?"."And when we see a plan, we're going to, I think, be able to shape the kind of assistance package that makes sense" the President-elect said."
