(CNN) - President-elect Barack Obama praised the $13.4 billion auto industry bailout plan Friday — but called for major changes from the Big Three automakers.
"Today's actions are a necessary step to help avoid a collapse in our auto industry that would have devastating consequences for our economy and our workers,” Obama said in a statement released by his transition team. “With the short-term assistance provided by this package, the auto companies must bring all their stakeholders together - including labor, dealers, creditors and suppliers - to make the hard choices necessary to achieve long-term viability.
“The auto companies must not squander this chance to reform bad management practices and begin the long-term restructuring that is absolutely required to save this critical industry and the millions of American jobs that depend on it."
President Bush announced the bailout plan Friday morning. The money will come from the $700 billion set aside for the financial industry bailout in October.