The new restructuring proposed by General Motors and Chrysler to obtain additional federal loans is as painful as expected, said U.S. Rep. Thaddeus McCotter, RLivonia, who serves on the House Financial Services Committee.

U.S. Rep Thaddeus McCotter, R-Livonia, said Tuesday that President George W. Bush's $17 billion bridge loan to General Motors and Chrysler gives the auto companies three months to make the restructuring they need to survive.

Banks have launched public relations campaigns to bring in customers and soothe nerves, with ads offering "peace of mind" and other promises. But what's not public is what they are doing with the billions in federal bailout money they've received -- the money doled out through a $700 billion rescue plan so banks could start lending again.

Michigan reaction to the Bush administration's $17.4 billion rescue plan for the U.S. auto industry.

The effort to secure billions in loans to help out ailing domestic automakers has produced some strange bedfellows.

U.S. Rep. Thaddeus McCotter, R-Livonia, has developed a reputation for his soaring oratorical style in the House of Representatives. His speeches are notable for their obscure historical references, stinging wit, musical allusions and passion.

A Republican Representative from Michigan is slamming his Senate colleagues for blocking a bill to provide emergency loans to Detroit's "Big Three" automakers.

Here are the revised and extended floor remarks of U.S. Rep. Thaddeus McCotter of Michigan, a Livonia Republican, before passage of the auto recovery bill Wednesday. The transcript was provided by his office.

Michigan Rep. Thaddeus McCotter proposed on Friday a plan to give the struggling U.S. auto industry a much needed bridge loan while also punishing the financial industry for its handling of bailout funds.

U.S. Rep. Thaddeus McCotter, R-Livonia, is hopeful that the Big 3 auto companies will get support from the federal government.

Washington, D.C.– The Department of Labor today released the national unemployment rate for the month of September. At 9.6%, that rate was maintained for the second straight month, although 95,000 jobs were lost. State unemployment numbers are scheduled for...

When the House last met in December, in the dying days of the 110th Congress, thanks to the leadership of the Speaker and of the chairman of Financial Services and of the people of this body, we sent a rescue...

Rep. McCotter: I come from Michigan. I was born in Detroit. Wherever you go in the world, people know two things about Detroit. They know we make cars, and they know we make music: Motown. And so when we find ourselves in difficult situations, it is not unusual for us to refer to music to help keep our lucidity and our balance; to come through the tough times.

I thank the chairman. Thank you for your indulgence, and I will have an opening statement and some questions, and I'll try not to take up too much time. And if I cover ground that you already have, please feel free to disregard it and put in your own points.

Mr. Speaker, we have confronted the first financial panic of the "New Global Economy"--an economy spawned by the fall of the Berlin Wall--and the precedent we set will affect our prosperity, liberty, and posterity for generations.

Madam Speaker, before I was elected to Congress, we used to hear-and unfortunately with some justification-that when faced with a crisis, Members of Congress would invariably soil themselves, throw money at the problem, and hoped it went away.

Mr. Speaker, in August the high price of energy helped cost 84,000 Americans their jobs; 39,000 auto manufacturing jobs in the State of Michigan alone were reported lost.

Madam Speaker, today I rise to honor and acknowledge the Western Wayne County Conservation Club, a group dedicated to the preservation and continuation of outdoor sporting for all generations, upon reaching their 70th anniversary of the club's establishment.

Mr. Speaker, today the world commemorates and mourns the events that happened in Tiananmen Square 19 years ago today.

Mr. Speaker, I would like today to discuss an issue that is on the horizon that could very well affect the economic freedom of Americans, especially their family's prosperity and happiness.