Press Releases

Washington, DC--- Congressman Paul Hodes released the following statement after voting for the $14 billion auto loan program.

"If the Big Three auto companies fail, millions of American jobs would be lost and it would send ripple effects throughout our economy. In New Hampshire, we could lose up to 12,000 jobs if these companies were thrown into bankruptcy.

I opposed the $700 billion bailout of Wall Street because it wasn’t a bottom-up approach that helps Main Street. Today we are helping millions of hard working Americans avoid losing their jobs during the holiday season as Congress works for a long-term solution to restructuring the auto industry.

We are facing the worst economic crisis in a generation and we cannot let the economy slip further into recession. I still have serious reservations that this plan does not help to ease credit for consumers trying to obtain car loans or give incentives to help struggling families afford a new car.

But this plan has accountability, oversight, and it protects jobs. While this is a short-term fix; we now need to focus on long-term solutions. The auto industry needs a complete overhaul, and I will remain vigilant to ensure the auto companies revitalize and retool for the 21^st century so we can keep millions of Americans working. I will continue to advocate for broader solutions for our struggling economy."