“It is profoundly disappointing that this critical assistance for American automakers and the millions of workers whose jobs are directly and indirectly in jeopardy has been blocked. Millions of Americans, whose livelihoods are at stake by no fault of their own, are now left waiting over these holidays to see whether or not their jobs will be saved. This is a very complex issue which is why this bill has been negotiated by Senate and House leadership of both parties in concert with the White House, requiring concessions from labor and management, including strong oversight provisions, and ensuring that taxpayers will recover investments if and when these companies are once again profitable.

“This is a difficult time for America and for American families. Our economy has been buffeted by turmoil in the financial markets and a growing mortgage crisis, resulting in – and compounded by – severe job losses and a deepening sense of anxiety across this country. Inaction is not an acceptable option. In the short term, I believe we must act with a rescue package for automakers that reflects the urgency of this moment, the interests of taxpayers, and the goal of providing assistance that will help put these companies on a path toward recovery and long-term viability and profitability. In the long term, we must pursue economic policies that will not only create jobs but create the incentives for these companies and many others to lead our nation and the world in developing innovative technologies that will shape our future and ensure our prosperity.

“I call on the current administration to use any tool at its disposal to keep our automakers afloat including using the authority given to the Treasury Secretary to stabilize our markets and troubled companies.”

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