“We must not underestimate the seriousness of our nation’s economic crisis. In panel discussions this week with key economic security officials, I heard the full extent of the situation we’re experiencing and the reports are deeply troubling. Jobless claims are now at their highest level in 26 years and, without dramatic intervention by the federal government, economic projections will continue their dangerous downward spiral. A collapse of our domestic auto industry would have devastating consequences for our nation’s economy. That we must sustain a domestic manufacturing segment is irrefutable.
To this end, I supported the bridge loan to the auto industry with its attendant and very necessary government oversight. I hope that Senate Republicans will recognize the need for urgent aid so the Senate can pass this legislation quickly. Too much is at stake here. We need bold action to get workers back on the job and create new ones. We need bold action to rebuild the American auto industry so that it is competitive in a new green economy. And we need bold action to restore people’s faith in our economy, in the ability of government to work for the common good, and in the promise of the American dream for future generations.”
