Obama: White House Auto Plan “Necessary Step”

The president-elect releases a statement following Bush's announcement the government is loaning $17.4 billion to help struggling automakers.

"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..."

Full statement here.

Meanwhile: McCain speaks out against Bush's decision, calling it "unacceptable" to leave the American taxpayer the tab "while failing to receive any serious concessions from the industry." Statement here.

Plus: House Republican Leader Boehner also disappointed with the action. Statement here.