DORGAN ISSUES STATEMENT ON AUTO RESCUE PACKAGE VOTE
Friday, December 12, 2008
CONTACT: Justin Kitsch
or Brenden Timpe
PHONE: 202-224-2551
(WASHINGTON, D.C.) --- U.S. Senator Byron Dorgan (D-N.D.) issued a statement Thursday on the vote to provide a bridge loan to the Big Three American automakers.
The text of Dorgan’s statement is below.
TEXT OF STATEMENT
BY SENATOR BYRON DORGAN
December 11, 2008
“I am disappointed that this legislation failed last night, putting millions of jobs at risk.
“I’m not happy about having to commit federal funds to rescue the auto industry, but the fact is, this country’s economy is perched on the edge of a cliff. We’ve already lost 2 million jobs in the last year, and I don’t think we can risk allowing the auto industry to go belly up and losing another 2 or 3 million jobs, pushing America into a deeper economic crisis.
“I didn’t support the $700 billion bailout of the financial industry, because I felt the plan was seriously flawed. Recent actions have shown that to be the case. Between the Treasury Secretary and the Federal Reserve Board, about $8.5 trillion in taxpayer money has been sent to the major financial industries and the biggest banks, with little or no oversight, accountability, or transparency. I think it is scandalous.
“Now we are talking about a bridge loan that is a tiny fraction of that amount. This proposed rescue package for the automakers included extensive requirements and oversight on the industry.
“I’m hopeful that we can still find a way to help the U.S. auto industry avoid a situation that would devastate American workers, and likely would drive our economy deeper into crisis.”
—END—