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President-elect Barack Obama weighed in on the auto industry bailout during a news conference this afternoon.

"The American people's patience is running out and they should seize on this opportunity over the next weeks and months to come up with a plan that is sustainable," the president-elect said.

Mr. Obama wouldn't say if he had any specific changes to the plan laid out by President Bush this morning because he had yet not examined the exact details.

He did say it was "absolutely necessary" to restructure the industry, but also added that all stakeholders should be a part of the process so that it was not just "workers bearing the brunt of the restructuring."

As he has every day this week, Mr. Obama held a news conference to announce picks for his Cabinet and other major offices. Today, he named Democratic Rep. Hilda Solis, Calif., as his pick for secretary of labor, Republican Rep. Ray LaHood, Ill., for secretary of transportation, former Dallas mayor Ron Kirk for U.S. Trade Representative and venture capitalist Karen Mills to head the Small Business Administration. Other than Mills, we knew about those picks earlier this week. Read more on the picks.

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Following President Bush's announcement that his administration would loan the automakers over $17 billion to keep them from collapse, General Motors CEO Rick Wagoner gave a press conference to thank the president and others and begin to explain their turnaround plan.

"On behalf of the entire GM team, I want to thank the administration for extending a financial bridge to the US auto industry and to our nation's economy," Wagoner said. "This action will help to preserve many jobs and support the continued operation of GM and the many suppliers dealers, and small businesses across the country that depend on our industry."

Wagoner said he the company had some big steps to take but he was confident the car company could meet the demands of the package to prove they are viable by March 31.

On the question of whether he should remain at the helm of the company, Wagoner said he "absolutely" wants to stay on. You might remember that a few weeks ago Sen. Chris Dodd, chairman of the Senate Banking Committee, said on Face The Nation that Wagoner and others should be replaced as a condition of federal aid. ()

"You think I would have gone through what I've gone through in the last two months is I didn't want to stay? If I didn't think this was important work?" Wagoner added.

As for reaction from the other automakers, Chrysler CEO Bob Nardelli also thanked the administration for the help in a statement and said the company would meet the requirements of the loan.

"The receipt of this loan means Chrysler can continue to pursue its vision to build the fuel-efficient, high-quality cars and trucks people want to buy, will enjoy driving and will want to buy again," the statement said.

Ford reiterated an earlier statement that they will not seek aid from this package, but desired the aid be given to the other Detroit giants in order to stabilize the industry.

You can read more on the bailout plan and reaction here.

You can see the basic details from the White House plan here.

And here are the exact terms of the loans as given by the Treasury to car companies (PDF): GM | Chrysler

Below is the transcript of President George W. Bush's announcement on the auto bailout, as released by the White House:



9:01 A.M. EST

THE PRESIDENT: Good morning. For years, America's automakers have faced serious challenges — burdensome costs, a shrinking share of the market, and declining profits. In recent months, the global financial crisis has made these challenges even more severe. Now some U.S. auto executives say that their companies are nearing collapse — and that the only way they can buy time to restructure is with help from the federal government.

This is a difficult situation that involves fundamental questions about the proper role of government. On the one hand, government has a responsibility not to undermine the private enterprise system. On the other hand, government has a responsibility to safeguard the broader health and stability of our economy.

Addressing the challenges in the auto industry requires us to balance these two responsibilities. If we were to allow the free market to take its course now, it would almost certainly lead to disorderly bankruptcy and liquidation for the automakers. Under ordinary economic circumstances, I would say this is the price that failed companies must pay — and I would not favor intervening to prevent the automakers from going out of business.

But these are not ordinary circumstances. In the midst of a financial crisis and a recession, allowing the U.S. auto industry to collapse is not a responsible course of action. The question is how we can best give it a chance to succeed. Some argue the wisest path is to allow the auto companies to reorganize through Chapter 11 provisions of our bankruptcy laws — and provide federal loans to keep them operating while they try to restructure under the supervision of a bankruptcy court. But given the current state of the auto industry and the economy, Chapter 11 is unlikely to work for American automakers at this time.

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Senator Bob Corker (R-Tenn.) said on CBS’ Face The Nation Sunday morning that he will not try to block the White House should they push for the proposed automaker bailout plan. "This has never been about blocking,” he assured host Bob Schieffer.

Corker noted that this is now in the hands of the White House and that after speaking with administration officials and Secretary Paulson, he doesn’t think they know what they are going to do.

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