WASHINGTON -- President Barack Obama plans to announce a new aid package for General Motors and Chrysler in the coming days and says the carmakers must make "pretty drastic changes" to save their industry, according to The Associated Press.

Obama gave a preview of his administration's approach to fixing the struggling U.S. auto industry during an online town hall meeting Thursday, promising additional aid only if the Detroit change its ways and receives concessions from stakeholders.

"We will provide them some help," Obama said. "I know that it is not popular to provide help to auto workers - or to auto companies. But my job is to measure the costs of allowing these auto companies just to collapse versus us figuring out - can they come up with a viable plan?"

He added: "If they're not willing to make the changes and the restructurings that are necessary, then I'm not willing to have taxpayer money chase after bad money."