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Washington, DC— Today, Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform and a member of the Joint Economic Committee, released the following statement in response to the Senate’s failure to pass auto bailout legislation last night:
“For nearly a decade, President Bush and a Republican-led Congress enacted reckless economic policies that have driven our nation’s economy into the ground. We see the effects of this reflected daily in the form of rising unemployment, foreclosures, and filings by small businesses under Chapter 11. Just yesterday, the Bureau of Labor Statistics released a report that jobless claims are up to 573,000—a 26-year high. Our economy is not just bleeding; it is hemorrhaging.
“Last night, my colleagues in the Senate had an opportunity to save 3 million jobs through a small loan to the auto industry accompanied by strict oversight, accountability, and transparency standards. This relief was blocked by the very same Republicans whose irresponsible and failed policies created this toxic economic environment in the first place. The blow to our economy will be devastating.
“For the past two months, the Bush administration has thrown hundreds of billions of dollars to their white collar friends on Wall Street with absolutely no accountability or direction as to how that money will be used. These financial institutions continue to exercise poor judgment in how they utilize these taxpayer dollars—continuing the parties, the spa retreats, and the outrageous bonuses. Now, when the blue collar companies ask for assistance and jump over 5 million hurdles to get that help, the money is suddenly unavailable. This is incomprehensible and completely unacceptable.
“The time to act is now. President Bush must immediately call on Secretary Paulson to release a portion of the TARP funds to jump start the American auto industry and save millions of additional Americans from losing their jobs, their homes, and their dreams. The Congress has established a responsible plan to keep the Big 3 afloat and help them become more viable in the global marketplace, setting the standard that should be in place for any institution receiving a dime of taxpayer money.
“It is too late for President Bush to reverse eight years of poor judgment, but it is not too late for him to change the course and begin steering our economy back on track. I strongly urge the President and Secretary Paulson to do the right thing—the responsible thing—and allocate TARP funds to GM and Chrysler immediately. There are millions of Americans depending on these men as a last resort. Time is of the essence.”
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