U.S. President Barack Obama says his plan to stimulate the economy includes having the U.S. auto industry revamp itself in order to compete with foreign automakers.

In a town hall meeting in Elkhart, Indiana Monday, Obama said if the U.S. doesn't use the economic crisis as an opportunity to start retooling, then it will never be able to compete effectively against Japanese and Korean automakers.

The Senate has one day before voting on an economic stimulus package that includes billions of dollars worth of grants for increases in fuel-efficient technology and a series of associated tax credits for manufacturers and buyers.

Obama stressed the urgency of the current situation facing the U.S. auto industry and says that the proposed package will be a long-term solution.