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Press Release
For Immediate Release
Contact: Sean C. Bonyun
November 18, 2008
(202) 225-3761
Upton to Testify on Behalf of Auto Industry & Middle Class Jobs Tomorrow
Upton’s panel will precede testimony by Big Three CEOs and UAW President
WASHINGTON, DC – Tomorrow morning, Congressman Fred Upton, co-chair of the Congressional Auto Caucus, will appear before the Financial Services Committee to testify on the critical need to provide immediate assistance to the U.S. auto industry to stabilize our nation’s economy and preserve several million middle-class jobs. The overall hearing will focus on the current situation in the U.S. automobile industry, including impact of current credit markets and economic conditions, and implications for future viability of the industry. The hearing is scheduled to commence at 10:00am.
“The U.S. automotive industry is currently at a crossroads, and Congress has a critical responsibility to step up to the plate and save literally millions of middle-class jobs from the assembly lines to the mom and pop suppliers. The stakes could not be higher,” said Upton. “We’re not talking about bailing out Wall Street fat cats, this is about providing a lifeline to millions of working Americans as it was the rich tradition of the American auto that created the middle class.”
A recent study by the Center for Automotive Research indicates that losing a member of the Big Three could result in the loss of 2.5 million jobs the first year and the loss of $275 billion in middle-class wages and over $100 billion in tax revenues over the next three years.
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