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Uh, Detroit, the Obama guys have a real problem with your bailout

November 23, 2008 |  4:38 pm

Incoming Barack Obama senior advisor David Axelrod issued a fairly stern warning to American automakers today that they'll have to come up with a plan to restructure themselves before the industry receives a federal bailout.

Advisors to president elect Barack Obama strongly suggest Detroit devise an industrial restructuring plan for their Model T industry or there will be no federal bailout of the automobile industry

"They're going to have to retool and rationalize their industry for the future. And if they don't do that, then there's very little that taxpayers can do to help them," Axelrod said on ABC News' "This Week."

For emphasis, former Bill Clinton Commerce Secretary Bill Daley, an Obama economic transition advisor and brother to Richard M., the mayor of Chicago, echoed the warning, speaking as a surrogate for the incoming White House Obama team on another Sunday morning news show.

"They have to do it," Daley declared on NBC's "Meet the Press." "The responsibility is on the auto industry and the unions to come back with a plan."

Congress last week delayed any vote on any kind of auto industry bailout plan until next month. Congressional leaders told the three major U.S. auto manufacturers to draw up plans by Dec. 2, with Congress returning to Washington the following week to consider a taxpayer assistance package.

Our blogger buddy Mike Dorning has the rest of this developing story over here on the Swamp.

-- Andrew Malcolm

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Photo credit: Model T Ford Club of America