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A Bipartisan Path Forward to Protect Jobs, Taxpayers
from the Office of Senator Mitch McConnell
Wednesday, November 19, 2008
‘There is a way forward that will help protect the jobs in the auto industry, while also protecting the taxpayers. Should this compromise approach be approved by the Congress, it is the only proposal now being considered that has a chance of actually becoming law’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell delivered the following remarks on the Senate floor Wednesday:
“The auto industry is an important part of the American economy, and an important job creator in my state.
“We are all aware that one reason Congress is back in session this week is to address the crisis in the auto industry. Though our friends on the other side have been talking about this issue with increasing frequency, they have yet to indicate how they plan to move forward.
“There is clearly deep controversy about using funds designed to strengthen the credit markets to shore up distressed companies in other industries. We all understand that; it’s one of the main reasons why there is still a significant lack of support from both sides of the aisle to that approach.
“And it’s an understatement to say that there is deep concern about the impact of the more than $100 billion in new deficit spending in the bill put forward.
“So let me suggest a bipartisan path forward that has not yet been offered by the majority. It’s a compromise being worked on by Senators Voinovich and Bond which repurposes funds already appropriated by this Congress to fund a $25 billion loan program for automakers to build advanced technology vehicles—coupled with new taxpayer protections and federal oversight of how the money is spent. This is a proposal which I believe has support from both sides of the aisle, and that actually has the potential to pass right now—not next year.
“There is a way forward that will help protect the jobs in the auto industry, while also protecting the taxpayers. Senators Voinovich and Bond are working with colleagues across the aisle to protect taxpayers and our long-term economic health. Should this compromise approach be approved by the Congress, it is the only proposal now being considered that has a chance of actually becoming law.
“As we move forward we must do so in a bipartisan way on this and the myriad issues to come. We should start now.”
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