December 10, 2008

Washington, DC – Congressman Carney voted for the Auto Industry Financing and Restructuring Act and issued the following statement:

“I voted for the Auto Industry Financing and Restructuring Act because the domestic auto industry is an integral part of our national defense. Right here in northeast and central Pennsylvania we manufacture vital components for the Stryker Brigade.

 Research and development out of Detroit's "Big Three" directly contributes to innovative technologies that are continuously put to use by our men and women in uniform; from the Pennsylvania National Guard’s own Stryker Brigade to battery and fuel cell production, our military and homeland security forces rely upon cutting-edge equipment developed and made by our domestic automobile industry.  We can't risk any further diminishment of the American manufacturing base during a time of war.

Additionally, voting for the bill was the fiscally responsible thing to do.  Securing $15 billion in loans today by reprogramming already-appropriated dollars stands to save the federal government three times as much a few months from now if Congress had not taken this vote.  If we did nothing and allowed Chrysler, Ford and General Motors to file for Chapter 7 bankruptcy, the federal government would be left holding a bill exceeding $45 billion in pension obligations to auto-industry retirees.

I simply could not afford to gamble with our nation’s security, millions of retiree's security or, most importantly, with further billions in taxpayer dollars.”