Congressman Sander Levin

Jobs, Manufacturing and the Economy

Our auto industry is struggling to survive the domestic economic recession and the global financial crisis. We must provide a bridge loan for the Big 3 to weather this crisis and accelerate efforts to produce the cars of the future.

Several weeks ago the entire Michigan Delegation wrote the Treasury Secretary to request that he use his authority under the $700 Billion Emergency Economic Stablization Act (EESA) to assist the auto industry.

Unfortunately, the Bush Administration refused to take this step,

Unfortunately, while President-elect Barack Obama has expressed full support we cannot wait until January 20th for action. We must either amend EESA to mandate action by the Treasury Department or utilize $25 Billion appropriated in September for future plant re-tooling for these immediate needs.

You may view my testimony in support of Congressional action here.

Economic conditions have been difficult in Michigan for years, and now the U.S. economy is also in turmoil. Congress must be vigorous in taking action to provide relief to families, stimulate the economy, and create good jobs that move us into the future.

It is evident that Congressional action was needed in September to stabilize credit markets. What might have started as a Wall Street problem is now a full scale problem on Main Street -- for families, state and local governments, the auto industry and many types of small businesses. The Treasury Department is using authority in the new law to purchase temporary equity stakes in U.S. banks in order to bring stability to our financial system. Because this is a global crisis this is being done by other countries as well.

It is also important that we take steps to help homeowners. As the government buys the troubled mortgages, it has the authority to refinance loans so that families can afford to stay in their homes and help stop the wave of foreclosures that is lowering home values for everyone. Michigan will also receive $263 million to help local communities deal with foreclosures and stabilize neighborhoods.

Our top priority in January must be an economic recovery package that strengthens our economy and supports families during these difficult times

• Advance Technology Vehicles
• Fuel Costs
• The Housing Crisis
• Job Stimulus