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FOR IMMEDIATE RELEASE |
Contact: Press Office |
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Stabenow
Statement on Auto Rescue Legislation Compromise Vote
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| WASHINGTON
—U.S. Senator Debbie Stabenow (D-MI), this evening, made the following
statement regarding the bipartisan auto rescue compromise vote. “The compromise that failed this evening would have provided the critical bridge-loan funding needed to help our automakers through this global credit crisis, while preserving jobs here at home. In addition, this legislation would have put into place critical transparency and accountability for taxpayers. "Instead, Republican Senators have chosen to put over 2.5 million American jobs at risk. Manufacturing makes up the backbone of our economy, and tonight's vote has put our economy and the future of manufacturing in jeopardy. "I am deeply disappointed that a few votes stood in the way of making the necessary commitment to save our manufacturing base and invest in good-paying, middle-class jobs in Michigan and around our country." "But even in this disappointment there is still hope. All throughout this debate, the President has had the authority to use the TARP funding to provide the needed funds for a bridge-loan and the Federal Reserve also as the power to give loans to the companies. I call on the President and his administration to use the authority they have to save our manufacturing base and preserve the middle-class." – U.S. Senator Debbie Stabenow |