HOMEPAGE > NEWSROOM

Press Release

For Immediate Release
Contact: Sean C. Bonyun
December 11, 2008
(202) 225-3761

Upton Statement on Senate Failure to Approve Auto Loans
“There is only one course of action to save the millions of jobs in Middle America related to the auto industry….TARP”

WASHINGTON, DC - Congressman Fred Upton (R-St. Joseph), co-chair of the Congressional Auto Caucus, made the following statement tonight following the Senate failure to approve nearly $15 billion in loan assistance for domestic automakers. 

“Now that we’re at the eleventh hour and out of options, there is only one course of action to save the millions of jobs in Middle America related to the auto industry.  I have contacted the White House and congressional leaders to release money from TARP before the markets open Friday morning to give some assurance to the financial markets that money will be available to offer loans to ‘bridge’ automakers into next year.  Without action, three million middle-class jobs and the U.S economy hang in the balance this holiday season.”

###