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President-elect Barack Obama says that the Detroit Big 3 have put together a “more serious” and sound bailout proposal to Congress that include restructuring plans and a request for a $34 billion credit line in immediate and long-term aid.

Obama, who has repeatedly shown strong support for the struggling auto industry, said he will wait until after the congressional hearings to comment on the each automaker’s proposal. According to Automotive News, he said that he is glad that GM, Ford and Chrysler CEOs recognize the serious expectations from Congress and said that any assistance provided by the government should be based on realistic assessment of what the auto industry is going to become and how these companies will become more viable and competitive in the long-term.

The President-elect said that it was too early to decided where the $25 billion should come from – the Troubled Assets Relief Program (TARP) or an existing federal loan program.

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