Obama campaign backs help for auto financing
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Posted: 6:56 AM Oct 25, 2008
Obama campaign backs help for auto financing
Washington D.C.
Barack Obama's presidential campaign says the federal government should act swiftly to help unlock credit for the financing of car loans crucial to Detroit's automakers.
Reporter: The Associated Press
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Barack Obama's presidential campaign says the federal government should act swiftly to help unlock credit for the financing of car loans crucial to Detroit's automakers.

Obama's economic adviser Jason Furman says the Democrat supports a push by Michigan lawmakers to urge the Treasury Department and the Federal Reserve to keep "every option on the table" to help the industry deal with the tight credit markets.

Michigan's delegation said this week the lack of liquidity in credit markets could hurt the auto industry. Many banks and auto finance companies have tightened credit standards because they can't borrow money to lend, or they have been reluctant to lend and risk defaults.
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