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Home > NewsPelosi to Auto Industry: Show Us a Plan for Viability

Pelosi to Auto Industry: Show Us a Plan for Viability

Thursday, November 20, 2008

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. – Speaker Nancy Pelosi, Senate Majority Leader Harry Reid, and House and Senate Democratic leaders held a news conference this afternoon in the Capitol to discuss aid to the domestic auto industry. Below are the Speaker’s opening remarks:

“Thank you very much, Mr. Leader. I wish to associate myself with your remarks because I think that you have clearly laid out what the challenge is to our economy, to the auto industry and to Congress as we go forth.

“It is all about accountability and about viability. Until we can see a plan where the auto industry is held accountable and a plan for viability on how they go into the future, until they show us the plan, we cannot show them the money.

“And that is really where we are with this. I want to join the Leader in saluting those who have worked so hard on this, and add to that our Michigan delegation in the House of Representatives.

“The auto industry is very important to our country. It is essential, its survival is essential, to maintaining our industrial and manufacturing base. That industrial base is essential to our national security. So, for reasons of our national security, for reasons that relate to the health of our financial community, and for reasons that relate to the needs of the workers who will be affected by this, it is essential that we see some restructuring, some path to viability, from the auto industry.

“The Leader addressed what that meant in a timetable. I know Leader Hoyer will adjust that as well so I won’t go into that. But again, we reject those who are advocating bankruptcy for the industry. We reject that. But we do want to work together, and I don’t think we saw very much in the hearings of the last few days that gave us the confidence that we can act upon it legislatively.

“Hopefully, in another week or two, we can see a plan that can take us viably into the future with accountability to the American people before we spend another dollar of their tax dollars. Thank you, Mr. Leader.”

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