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Obama seeks workable business plan from U.S. automakers
In a roundtable discussion that lasted nearly an hour, Obama said he is 'monitoring' the Detroit auto companies.
The president was alternately serious and funny as he addressed questions on the controversial economic stimulus bill before Congress, the wars in Iraq and Afghanistan, offshore oil drilling as part of a comprehensive energy strategy -- and basketball.
He said the stimulus bill, on which congressional leaders agreed Wednesday, would be 'very helpful to the auto industry, but I recognize that we've got a lot of short-term stress in Detroit.
'I am monitoring the progress that is being made by the auto industry in terms of presenting a plan to us next week,' he said. 'My goal consistently has been to offer serious help to the auto industry, once a plan is in place that ensures long-term viability and that we are not just kicking the can down the road.
'And so what the nature of that help ends up looking like, I think it's going to depend on the plan. Just based on the conversations I've had, the reports that I've seen, what's going to be clear is that everybody is going to have to put some skin in the game: management, shareholders, creditors, dealers, workers.
'In order to make this thing work,' the president said, 'everybody is going to have to make some short-term sacrifices in order to see some long-term benefit.'
Obama added that whatever 'model' is presented by the auto industry needs to take 'into account what the auto market is going to look like over the next several years.
'If a plan is presented to us premised on 20 million in sales, when we just know that is not going to happen, then we are going to have to ask them to go back to the drawing board,' he said.
A 'disorderly bankruptcy of one of the Big Three could be disastrous, not just for those states that are very reliant on autos, but for the economy as a whole,' Obama added.
Obama said he didn't want to 'pre-judge' what the automakers will send him in the plan due next week.
'My main message communicated through the Detroit papers would be, 'Get me a plan that works.''
The president was alternately serious and funny as he addressed questions on the controversial economic stimulus bill before Congress, the wars in Iraq and Afghanistan, offshore oil drilling as part of a comprehensive energy strategy -- and basketball.
He said the stimulus bill, on which congressional leaders agreed Wednesday, would be 'very helpful to the auto industry, but I recognize that we've got a lot of short-term stress in Detroit.
'I am monitoring the progress that is being made by the auto industry in terms of presenting a plan to us next week,' he said. 'My goal consistently has been to offer serious help to the auto industry, once a plan is in place that ensures long-term viability and that we are not just kicking the can down the road.
'And so what the nature of that help ends up looking like, I think it's going to depend on the plan. Just based on the conversations I've had, the reports that I've seen, what's going to be clear is that everybody is going to have to put some skin in the game: management, shareholders, creditors, dealers, workers.
'In order to make this thing work,' the president said, 'everybody is going to have to make some short-term sacrifices in order to see some long-term benefit.'
Obama added that whatever 'model' is presented by the auto industry needs to take 'into account what the auto market is going to look like over the next several years.
'If a plan is presented to us premised on 20 million in sales, when we just know that is not going to happen, then we are going to have to ask them to go back to the drawing board,' he said.
A 'disorderly bankruptcy of one of the Big Three could be disastrous, not just for those states that are very reliant on autos, but for the economy as a whole,' Obama added.
Obama said he didn't want to 'pre-judge' what the automakers will send him in the plan due next week.
'My main message communicated through the Detroit papers would be, 'Get me a plan that works.''
