Obama says automakers' bailout plans "more serious"

CHICAGO (Reuters) - President-elect Barack Obama said on Wednesday the big three automakers had proposed "more serious" rescue plans but declined to discuss where the money to bail them out should come from.

"It appears based on reports that we've seen that this time out, the executives from these automakers are putting forward a more serious set of plans," Obama said at a news conference.

General Motors, Ford Motor, and Chrysler LLC have submitted plans to Congress that include restructuring initiatives and a request for $34 billion in immediate and longer-term assistance.

Obama, who has indicated he would not let the industry fail, said he would wait until congressional hearings were concluded before commenting on the specific proposals.

"I'm glad that they recognize the expectations of Congress, certainly, my expectations that we should maintain a viable auto industry," Obama said.

"We should also make sure that any government assistance that's provided ... is based on realistic assessments of what the auto market is going to be and a realistic plan for how we're going to make these companies viable over the long term."

Obama said it was too early to say whether the money should come from the Troubled Assets Relief Program (TARP) or an existing $25 billion federal loan program.

"At this point, I'm more interested in seeing whether or not there is a sound plan there," he said. "Then I'll be in discussions and listening about where the best sources of money are. But I think it's premature to get into that issue.

(Reporting by Jeff Mason and Andy Sullivan, editing by Alan Elsner)