Obama Says He's Disappointed in Bailout Vote

President-elect Barack Obama this morning said he's disappointed that the Senate could not reach a compromise an auto industry bailout last night, but expressed hope that Congress and the Bush administration can still forge a viable deal.

"I am disappointed that the Senate could not reach agreement on a short-term plan for the auto industry," Obama said in a statement released by his transition office. "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," Obama said.

The White House this morning revived hopes of federal assistance for Detroit by suggesting it could use remaining frunds from the $700 billion Troubled Asset Relief Program (TARP) package to help the Big Three.