10 years ago7 views
The Barack Obama administration will give labor unions and the US auto industry a strong ally in Washington, but will likely put pressure on oil & gas producers and pharmaceutical companies, according to the Associated Press.
His election Tuesday also makes congressional approval of a fresh economic stimulus package — perhaps as large as $150 billion — more likely, economists said.
The new president's biggest challenge will be to turn around an economy that many analysts already believe is in recession.
The Illinois senator has pledged to offset some expenditures by raising corporate tax rates and income taxes on families making more than $250,000.
In return for government rescue dollars, banks, insurance companies, hedge funds and the rest of the financial sector will almost certainly face a regulatory overhaul effort by the Democratic Congress next year.
Obama will most likely support the Employee Free Choice Act, which would allow workers to form unions by getting a majority of employees to sign a card in support of a union, rather than through a secret ballot election. Business groups such as the U.S. Chamber of Commerce fiercely oppose the measure because it would make it easier for workers to unionize.
The measure, supported by Obama and most Democrats in Congress, was approved in the House last year but stalled in the Senate.
Meanwhile, Obama has promised to help Ford, General Motors and Chrysler by doubling a recently approved loan program to $50 billion. to help the auto industry develop more fuel-efficient cars.