“Last month, the Democratic leadership in Congress insisted that the automakers present a plan for long-term viability before receiving any assistance from taxpayers. With the economy officially in a recession, we continue to work to help this vital industry, and its 3 million jobs, ride out the storm and emerge stronger.

 

“But before any taxpayer money is provided, the American people deserve to know how the Big Three plan to survive the current crisis, become competitive companies once again, and eventually repay taxpayer loans. The American people also need to be assured that the companies will be held accountable for any tax dollars they receive, and that CEOs will not be rewarded with exorbitant salaries.

 

“Today, the automakers are presenting to Congress their plans for restructuring. We will examine them closely in the days to come, and on Thursday and Friday, Congressional committees will hold hearings. I hope that those hearings, along with the plans submitted today, will lead to increased public confidence in the auto industry’s viability and that Congress will be able to take action next week.”