It did not take long for the cable industry to speak out about President Barack Obama's call to overturn state laws that prohibit the buildout of municipal-run broadband networks, with the presidents of the National Cable Telecommunications Association (NCTA) and American Cable Association (ACA) issuing statements about how they think overturning such laws will cause damage. Michael Powell, president and CEO of the NCTA, said in a statement that despite their promise, there are a number of examples where municipal broadband ventures "have ended up in failure, saddling taxpayers with significant long-term financial liabilities and diverting scarce resources from other pressing local needs." FierceCable's Dan Frankel has a complete report here.