WASHINGTON – The White House announced Friday morning plans to offer General Motors and Chrysler $17.4 billion in short-term loans to prevent the domestic automakers from collapse.  U.S. Congressman Bart Stupak (D-Menominee) released the following statement: 

“When the Senate failed last week to reach an agreement on short-term loans for the domestic automakers it left a lot of uncertainty for dealers, suppliers and the millions of workers in auto-related jobs across the country.  President Bush’s announcement that the administration will tap into the Wall Street bailout funds to help the auto industry was welcome news.  I commend him for stepping up to help the automakers and middle class Americans whose jobs depend on the auto industry at a time when Senate Republicans were willing to let the automakers collapse.

“Although the White House plan includes targets for concessions by workers, I was pleased to see that the administration has appropriately left it to the auto companies, United Auto Workers and other stakeholders to work out the details.