Order of Business

Floor Speech

ORDER OF BUSINESS -- (Senate - December 11, 2008)

BREAK IN TRANSCRIPT

Mr. REED. Mr. President, I am dismayed by the turn of events that have occurred this evening.

Our Nation faces economic conditions not seen in decades. By preventing action tonight on a plan to give the auto industry a chance to turn itself around, the minority is playing with fire.

The jobs of countless workers, including thousands in Rhode Island, are on the line, at a time when we can ill afford more losses. Moreover, these companies going into bankruptcy could be far more costly to the federal government. And, as economist Mark Zandi testified before the Senate Banking Committee last week, if these companies are forced into bankruptcy proceedings, it would have a cataclysmic effect on our already fragile economy.

The bill that Chairman Dodd and my other colleagues worked on diligently had the potential to give the industry a chance to put its house in order while preserving jobs and protecting the taxpayers. I regret we did not have a chance to proceed to this measure, engage in vigorous debate, and make a judgment on the merits.

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