Pelosi Statement on Legislation to Aid U.S. Automakers
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C -- Speaker Nancy Pelosi released the following statement tonight after Senate Republicans blocked passage of bipartisan legislation to provide short-term, temporary loans to American automakers:
"The House-passed bipartisan legislation protects taxpayers, preserves environmental standards and places tough accountability measures on the auto companies to help ensure their long term viability and competitiveness. The House-passed bill demanded deep concessions from all parties -- the executives, shareholders and the union.
"Senate Republicans’ refusal to support the bipartisan legislation passed by the House and negotiated in good faith with the White House, the Senate and the automakers is irresponsible, especially at a time of economic hardship. The consequences of the Senate Republicans’ failure to act could be devastating to our economy, detrimental to workers, and destructive to the American automobile industry unless the President immediately directs Secretary Paulson to explore other short-term financial assistance options, including TARP and those available to the Federal Reserve. That is the only viable option available at this time."
"I expect that legislation will be brought up for a vote in the House next week."