Obama, McCain to discuss automaker bailout

Today, President-Elect Barack Obama and John McCain meet face-to-face for the first time since the election nearly two weeks ago.  The meeting will take place in Chicago.  It comes as debate intensifies back in Washington over Democrats’ proposal to rescue cash-strapped U.S. carmakers.

Lawmakers return to work this week and immediately take up Democrats’ bailout plan for the U.S. auto industry.  A certain showdown here, as former presidential rivals appear to make peace in Chicago.

Today, Barack Obama and John McCain put their intense public rivalry behind them, meeting for the first time since Obama’s win.

Republican strategist Brad Blakeman says “as you start off you need all the friends you can get, and I think mccain will try and reach out and help him when he can and challenge him when he must.“

With Obama’s official resignation from the Senate, he may look to McCain as an ally there, first on the economy.  That was Obama’s focus in the first-ever radio address by internet.

President-Elect Barack Obama said “make no mistake: this is the greatest economic challenge of our times.“

Obama supports Senate Democrats pushing help for U.S. carmakers.

CEOs plead their case in hearings this week up against heavy GOP criticism.

Alabama Senator Richard Shelby says “I don’t believe the $25 billion they’re talking about will, will make them survive. It’s just postponing the inevitable.“

Bailout backers are open to demanding change at the top.

Michigan Senator Carl Levin says “if it was the difference between getting this kind of support or not, obviously the management should consider resigning.“

Obama could also make his first cabinet pick this week, amid speculation Hillary Clinton is being considered for Secretary of State.

One Senate Republican supports her.

Arizona Senator Jon Kyl said “it seems to me she’s got the experience. She’s got the temperament for it. I think she would be well received around the world. So my own initial reaction is it would be a very good selection.“

Today, some inauguration plans will be announced.  Fewer ticketed bleacher seats are expected to open up more room for the general public.

Senate Democrats here have said if they don’t get a carmaker bailout now they’ll do it in January, with bigger majorities here and Obama in the White House.  A vote on their auto industry aid could come by Wednesday.