Obama: Automakers to get aid

President Barack Obama today said U.S. automakers can expect “some” government aid. The assstance will be based on their willingness to commit to restructuring their businesses.

During a “virtual” town hall meeting broadcast on the Internet, the President said, “What we’re expecting is that the automakers are going to be working with us to restructure. We will provide them some help.”

“I know that it is not popular to provide help” he added. “If they’re not willing to make the changes and the restructurings that are necessary, then I’m not willing to have taxpayer money chase after bad money.”

Mr. Obama went on to say everyone connected to the auto industry would have to make sacrifices to ensure future viability. He said, “Everybody’s going to have to give a little bit: shareholders, workers, creditors … suppliers, dealers,” he said. “Everybody is going to have to recognize that the current model — economic model — of the U.S. auto industry is unsustainable.”