President Barack Obama said Wednesday he remains committed to giving ailing automakers "serious help" in the future, but only if they can produce a viable plan to transform the industry, The Detroit Free Press reported.
In an interview with regional reporters, Obama said that if the automakers are realistic, more government help could be in the offing and if not, "we're going to have to ask them to go back to the drawing board," Obama said.
Obama said he was awaiting plans from Chrysler and General Motors to justify a $17.4 billion loan to the two automakers, the newspaper reported on its Web site. The automakers were due to report their plans to the government next Tuesday, the report said.
"Get me a plan that works," Obama said.
Asked whether bankruptcy should be an option for a U.S. automaker, Obama reiterated his belief that a disorganized filing could be disastrous to the economy at large, the newspaper said.
He did not specifically rule out the idea of a managed bankruptcy or additional aid for automakers from the government, the report said.
Obama said the key would be coming up with plans that recognize the realities of the car business, including realistic sale figures and capacity.
