Press Releases

November 19, 2010

CLYBURN STATEMENT ON GM INITIAL PUBLIC OFFERING., SAVING TAXPAYERS BILLIONS

WASHINGTON, DC – House Majority Whip James E. Clyburn (D-SC), today released the following statement after General Motors (GM) issued the largest public offering in American history, repaying an estimated $23.1 billion to the taxpayers.

“GM’s public offering today is another sign that the steps we took to prevent the economy from spiraling into a second Great Depression are paying off.  The rescue package was a drastic measure, but we were faced with a dire situation—the loss of over a million jobs, the elimination of our domestic auto-manufacturing and a further drop in our economy. 

“Republicans stood on the sidelines with no alternative, and said no to an auto rescue package, let the auto industry fail, and this will be Obama’s Waterlooo.  But 17 months later, it is clear that the prudence of Congressional Democrats and the Obama Administration has helped turn the auto industry around, resulting in lean, profitable companies that are paying back the taxpayer.  GM is on the way to paying back our investment and its revival is proof that our manufacturing sector is rebounding.  We cannot maintain our position in the global economy without a strong manufacturing sector and we must continue to invest in those areas that create jobs all across the country.

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