Congressman Sander Levin

 
 
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  The Congressional Connector
 
Nov 17 - 21, 2008
 
Rep. Levin Testifies on the Need for Bridge Loans for Automakers

On November 19, Rep. Levin testified before the House Financial Services Committee on the urgent need to provide bridge loans to U.S. automakers to allow them to weather the global financial crisis, accelerate implementation of their restructuring plans, and protect millions of American jobs.

The House and Senate are meeting in a post-election "lame duck" session of Congress to try and reach agreement on assistance for the automakers as well as additional economic stimulus to revive our economy, create and save jobs, and help Americans struggling to make ends meet.

Rep. Levin told members of the Committee: "President-elect Obama has said that the auto industry is the ‘backbone of American manufacturing,’ and we can’t leave here and see the backbone splintered. This is an international credit crisis.... [The European Commission] is being asked for over $50 billion to help their auto industry, and we’re thinking of leaving here and taking the risk of bankruptcy? This is a looming cliff and we have to act."

View Rep. Levin testifying before the Committee

Read an article on this issue that Rep. Levin wrote for the November 18 edition of The Hill newspaper.

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