Obama says he does not want to run auto companies

Barack ObamaWashington, Apr. 30 : President Barack Obama has said that he does not want to run American auto companies, which are presently experiencing a major crisis.

"I don''t want to run auto companies, and I don''t want to run banks. I''ve got two wars I''ve got to run already--I''ve got more than enough to do," CBS quoted Obama, as saying.

Chrysler faces a government-imposed deadline to finalize a partnership with Fiat SpA by this Thursday.

"I am more hopeful than I was 30 days ago that we can see a resolution," Obama said with respect to the deal, though he noted that the "clock is ticking."

The president said deals reached with Chrysler''s major debt holders and sacrifices from labor unions improved the automaker''s outlook for survival.

"The details have not yet been finalized, but I''m feeling more optimistic than I was about the possibilities of that getting done," Obama said.

The president said he saw potential in companies like General Motors, in spite of the fact that the current recession simply added onto the problems faced by an already-weak industry.

Obama said he would like to see the government extracted from auto business as quickly as possible. (ANI)