Clyburn Calls on Bush Administration to Aid Autos, Protect Taxpayers

Press Release

House Majority Whip James E. Clyburn today called on the Bush Administration to provide assistance to the auto industry following the Senate's failure to approve a restructuring package. Clyburn stressed that any financial assistance should include strong taxpayer protections and accountability provisions, similar to the package negotiated by the House, Senate and White House and approved by the House this week.

"I'm disappointed but not at all surprised by the Senate Republicans' obstruction of the auto package. Because of their entrenched ideological beliefs, the fate of our manufacturing base, over three million jobs, our national economy and national security now rest with President Bush.

"I'm pleased that the Bush Administration has indicated a willingness to provide financial assistance to the auto companies. But I urge the President to step in before these companies have to declare bankruptcy. And he must insist upon the same taxpayer protections and auto industry accountability standards in the loan agreement as were included in the legislation his Administration negotiated with Congress which was passed by the House this week. It's important that all parties participate in this process—executives, employees, unions, dealers, suppliers, creditors and shareholders. Everyone must be prepared to make sacrifices and reform to save the auto industry.

"Moving forward, the mentality in Washington has to change. The auto crisis is just one of many challenges our nation faces. Putting our country back on track in such a distressed climate is going to require everyone to throw off their partisan blinders, emerge from ideological trenches and work together toward solutions that are in the best interests of the American economy and the American people."

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