U.S. Senator George V. Voinovich (R-OH), Co-Chair of the Senate Auto Caucus, released the following statement on President Obama’s plans for the American auto industry:
“My heart goes out to the thousands of hard-working Americans associated with GM and Chrysler who are worried about their jobs and providing for their families as well as retirees worried about their retirement benefits. Although I am extremely disappointed that the administration believes GM and Chrysler did not go far enough in their viability plans, I give them credit for insisting that American auto companies receiving taxpayer dollars can stand on their own two feet eventually. However, this is long overdue. The type of taxpayer protections and restructuring that the administration is insisting on today are what Sen. Levin and I proposed last fall in our bi-partisan compromise legislation. I am hopeful that, with new guidance, a restructured GM will become healthy and competitive and that Chrysler will come together with Fiat as supported by the administration. Additionally, I am hoping the administration will be unrelenting in pushing GM to make the hard decisions necessary to achieve viability in the private sector and that the administration is truly committed to having a restructured GM that can compete.”
U.S. Sen. Sherrod Brown (D-OH), Chairman of the Senate Banking Subcommittee on Economic Policy, issued the following statement following President Obama’s address on the state of the auto industry:
“President Obama understands the auto industry is too important to fail. Our nation’s economic security is tied to the auto industry, which provides more than 250,000 jobs in Ohio alone. Today’s announcement represents the President’s commitment to protecting taxpayers while ensuring the auto companies come out of this economic downturn stronger and more competitive. “This short-term assistance will give the auto industry the time it needs to make long-term plans that will allow it to compete in the global market. It will require shared sacrifice across all stakeholder groups. For too long, cuts have been balanced on the back of workers—who have already made many concessions and are prepared to make more. It’s time for bondholders to come to the table so debt can be restructured to manageable levels.
“As we work to shore up the auto industry, we need to provide comprehensive support to manufacturing. Autos are the centerpiece of Ohio manufacturing innovation and we have more work to do to support auto parts suppliers and manufacturing communities. Last month, I wrote to President Obama about legislation I introduced that would streamline economic assistance to regions undergoing extreme economic distress. I’m pleased the President is now assigning a point person to coordinate rapid response efforts in economically-distressed auto communities.
“The federal government is committed to partnering with the auto industry to promote sales of fuel-efficient vehicles. I’m confident the auto industry will take the necessary steps to participate in this partnership and build the cars of the 21st century.”
Comment: First I have to say it is sickening reading this crap; how did we get to this point where we have silly politicians getting involved with the manufacturing sector is beyond me. But on the other side of the coin, how can these blowhards in Washington put the screws to the automakers and effect so many blue collar jobs, and yet they gave billions to European bankers through AIG with out blinking an eye is criminal.
It's all BS; the US is getting intercoursed by the global elites. We need to get control of our country and stop this march toward global tyranny. We must repeal the 17th Amendment and return the reins of this country back to the states!