President-elect Barack Obama Wednesday warned struggling automakers that they had to present a realistic plan to lawmakers in their bid to secure a massive government bailout.
"We should maintain a viable auto industry. But we should also make sure that any government assistance ... is based on realistic assessments of what the auto market is going to be and a realistic plan for how we're going to make these companies viable over the long term," Obama told a press conference.
The bosses of the country's Big Three automakers are to appear at congressional hearings on Thursday and Friday to discuss plans for a radical restructuring of their companies, including shedding thousands of jobs and cutting unwieldy brands.
Obama said he wanted to study the plans before saying whether he supported a bailout for the struggling carmakers which were turned away empty-handed by Congress last month.
"I think Congress did the right thing when the big three automakers came before them a couple weeks ago. They were not offering a clear plan for viability over the long term," Obama said.
"I think Congress was right to say that the taxpayers expect and deserve better than that before they are stepping up to the plate for any kind of bailout."
