Congressional Leadership Calls for Plan from Auto Industry
Thursday, November 20, 2008
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WASHINGTON, DC—Congressional Leaders today responded to the auto industry financial crisis by calling on the “big three” auto companies to submit a plan for viability no later than December 2 for the Congress to review to lawmakers can act on an auto recovery plan the week of December 8.
“It’s clear that the auto industry, America’s industrial base and the source of millions of jobs directly and indirectly across the country, is in dire straits. But rather than blindly throwing money at the problem, we’re asking for a plan for the future. American industry has always proven its mettle, survived difficulty and thrived through innovation and improvement. At a moment when the auto industry is asking the American taxpayer to dig deep, it must also dig deep as a business and demonstrate a path forward to long-term success. The auto industry must be held accountable and present a plan for future viability before the Congress can determine how best to provide assistance. Bankruptcy is not a good option; however, accountability and viability are essential to stabilizing the auto industry and saving millions of American jobs.”
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