Washington, DC – U.S. Senator Benjamin L. Cardin (D-MD), a member of the Senate Budget Committee, released the following statement in response to President Bush’s extension of $17.4 billion in emergency loans to General Motors and Chrysler LLC:

“This morning President Bush finally acted to prevent the collapse of a critical U.S. industry.  Our fragile economy – and the world financial markets – cannot afford yet another devastating blow.  We always have known that the President had the ability, under the authority Congress granted him in the Emergency Economic Stabilization Act, to provide relief to General Motors and Chrysler.  This funding is a lifeline that gives the auto companies the breathing room they need as they weather the credit crisis and work to restructure their operations.”