Statement of Senator Carl Levin on Retooling Loans for American Auto Companies

WASHINGTON – Sen. Carl Levin, D-Mich., today made the following statement:

“In the midst of all the economic dark clouds in the sky it is nice to report a bright spot this morning.

“American auto companies are facing huge challenges. They are facing a sputtering global economy; the economic downturn and credit market crisis here at home; and the new fuel economy standards that Congress enacted last year.

“The future viability of America’s auto companies depends on whether they can produce advanced technology vehicles that will reduce our consumption of oil and greenhouse gas emissions and ultimately save consumers money at the gas pump.

“The funding for these retooling loans in the Continuing Resolution – which is intended to be fully repaid and not cost the taxpayers anything beyond the administrative costs -- will help our companies stay competitive in the global marketplace and ensure that these technologies enter the market place and continue to be manufactured in America.”