latest from rpc

Today, President Bush announced this short term bridge loan to prevent the bankruptcy of the domestic auto industry; the devastation of working families; and the depression of the American economy.  I sincerely thank him for his decisive action in this dire time for our community and the auto industry.

Yet while momentarily relieved from the immediate onus of uncertainty regarding their futures, working families in Michigan and America will not be celebrating.  We know full well the painful auto industry restructuring we have endured for years will continue in the days, months and, yes, years to come.  

It is deeply disappointing that the administration has chosen to use taxpayer dollars to delay the inevitable need to fundamentally restructure these companies. By bailing out automakers without real reform or long-term solutions, we are only protracting uncertainty and putting billions of tax dollars at grave risk.

I applaud President Bush’s announcement on Friday that he will step in to assist our automakers, and I support his efforts to protect this vital industry and American jobs. It is my hope that he will act soon to deliver support to the industry from the Wall Street bailout fund that Congress authorized in October. With three million jobs and the fate of the American manufacturing industry on the line, inaction is not an option.