Presidential hopeful Barack Obama met with the CEOs of both Ford and GM this week and has come to the conclusion that there is a consensus on what needs to be done to turnaround the U.S. auto industry. One of the most common solutions is the need for greater federal funding for new technology research and development.

Obama met with GM chief Rick Wagoner at a conference at Carnegie Mellon University in Pittsburgh today, and told the CEO that he looked forward to working with him over the next eight years if he wins the election.

Wagoner was clear about what the industry needed and that was more research spending and incentives for consumers to buy advanced technology vehicles, reports Automotive News. Obama, meanwhile, has proposed a $150 billion green energy fund that he says will create 5 million new jobs and help "the great assembly-line manufacturers" build vehicles that are powered by alternatives to foreign oil.

Obama also met with Ford CEO Alan Mulally this week and although details are yet to be revealed the Blue Oval chief said the talks were "very productive" and said he was "pleased to share the perspective on the important role American manufacturers play."