[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/POLITICS/12/12/bailout.reaction/art.ford.gi.jpg caption="The latest auto bailout plan failed last night."] In a statement released by the transition team Friday, President-elect Obama reacted to the failure of the auto bailout last night:
"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."