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 His speeches are notable for their obscure historical references, stinging wit, musical allusions and passion.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.