Obama: Recovery plan is his administration´s priority

WATCH VIDEO

Source: CCTV.com | 12-08-2008 09:40

US President-elect, Barack Obama, says the US economy seems destined to get worse before it can get better again.

The latest figure show that US employers have eliminated over half a million jobs in November alone.

US President-elect, Barack Obama, says the US economy seems destined to get worse before it can get better again. (CCTV.com)

Obama says his administration is going to act swiftly on a recovery plan and a new stimulus package.

Meanwhile, Congress and the White House are working on a deal for roughly 15 billion US dollars for "the Big Three" of the US auto industry. Obama says they can't be allowed to collapse.

Barack Obama, US President-elect, said, "What we have to do is to provide them with assistance but that assistance is conditioned on them making significant adjustments. They are going to have to restructure and all of their stakeholders are going to have to restructure. Laborers, management, shareholders, creditors; everybody is going to recognize that they do not have a sustainable business model right now and if they expect taxpayers to help in that adjustment process, then they can't keep on putting off the kinds of changes that they, frankly, should have made 20 or 30 years ago."

Editor:Zhang Pengfei