Lincoln on Administration's Use of TARP funds for Auto Industry

FOR IMMEDIATE RELEASE: December 19, 2008
Contact: Katie Laning (202)224-4843

Washington – U.S. Senator Blanche Lincoln (D-Ark.) today commended President Bush for using existing funds to provide relief to the nation’s automakers. 

“I, like all Americans, do not want to see the collapse of our domestic auto industry, which plays an important role in our economy and our national security,” Lincoln said.  “That’s why I am pleased the President utilized TARP, which is the appropriate place to help struggling industries.  I remain concerned that our automakers have been unable to present a plan for their long-term viability, but I am hopeful that all stakeholders will come to the table to make the tough decisions that will determine their future success.”

Last week, Lincoln voted against a congressional bailout bill for the domestic auto industry, which would have committed new taxpayer dollars.  Lincoln rightly argued that the Bush Administration had the authority to offer assistance through the $700 billion Troubled Asset Relief Program (TARP) and the Federal Reserve’s direct loan authority.  

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