He says the rescue plan will require ``meaningful concessions'' from the auto companies and others, including labor unions and suppliers. The companies, he says, ``must understand what is at stake, and make the hard decisions necessary to reform.''
Bush said Friday he ordinarily would let the companies go bankrupt, concluding it's the ``price that failed companies must pay.'' But, he says, ``These are not ordinary circumstances.'' He says letting the industry collapse, amid a financial crisis and a recession, would be irresponsible.