COPY-Obama: Economy to get worse before it improves

Associated Press - December 7, 2008 9:33 AM ET

WASHINGTON (AP) - President-elect Barack Obama says the economy is going to get worse before it gets better.

There are about six weeks before his inauguration and Obama says his top priority is to have an economic recovery plan that is equal to the task ahead.

Obama also wants to make sure the domestic auto industry doesn't disappear. But he says that if taxpayer money is at stake in a rescue plan, there must be some guarantee of a viable industry that emerges.

Congress and the Bush administration are working on legislation to give the Big 3 automakers roughly $15 billion in loans. Legislation could pass as early as this week.

Obama made the comments in an interview with NBC's "Meet the Press."

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