Also in this playlist...
This transcript is automatically generated
Congress may be preoccupied with the White House to 700 billion Dollar Financial system -- our.
-- rescue proposal I should say but Detroit's Big Three automakers.
Hasn't -- the first phase of their own federal rescue plan a bill expected -- passed by congress and signed by President Bush as early as this weekend.
Includes 25 billion dollars in loans for General Motors Ford and Chrysler.
While the details are still being worked out the loans will probably amount to at least five billion dollars each for each of the Big Three automakers plus smaller amounts.
For suppliers joining us now is one of the sponsors of the bill Michigan democratic senator.
-- -- now -- also sits on the Senate Finance Committee welcomes senator thank you so much for joining us this morning.
Well good morning it's good to be with you.
First first and foremost let's start with this rescue plan this financial plan you feel about the progress that's been made over the past couple days and where it stands now.
I think there is progress being made and congress has -- people on both sides of the aisle that we're not going to give a -- track.
700 billion dollars with no accountability.
People want to make sure that we address executive compensation and that.
There's some equity position for tax payers as if things turn around.
Whatever is done I believe needs to be done in a phased way so it's.
I mean let's let's face.
This is a real mass it's been brought to us -- the last minute and it's.
If we have to be responsible and we have to.
Acts in a way that focuses on taxpayers and homeowners.
And the American people who are.
Putting their dollars on the line if this right project goes forward I think let me -- little annual one of the authors of the bill here to provide some funding for the auto makers were hearing 25 billion dollars of course passed through congress.
Tell me American and tax Payer right now.
Let you know we're not gonna bail out everybody how do you differentiate this plan as opposed to some of the others we've seen in the past couple weeks.
Well first of all this isn't a bailout we've been working on this for some time it's the timing -- this is very unfortunate that.
I actually authored this provision back in December.
When he passed the energy -- and we put a need your mandate on the auto companies of about a hundred billion dollars in.
I -- cost to create that.
Next generation of vehicles fuel efficient vehicles and as part of that and put in place this retooling loan program to make sure they would have.
Low cost capital to be able to get to these new generation of automobiles little -- we now.
That the credit.
Crisis would come in the financial markets would.
Fall through that.
The floor and that we would have even greater needs right to be able to have this full amount available and you know I would just mention that.
This really is about American jobs one out of ten people in the United States.
Either directly or indirectly get there in comes from.
The auto industry yes this is the industry that created the middle class and so we're really investing.
In the future of the country yet if you look at -- the gross domestic product -- figures are staggering when you look at the impact of the automakers.
I understand it could be another 25 billion dollars next year at what point to make -- decision.
And how do you make sure that the money's being spent properly.
Well this is for fuel efficient vehicles that's the way to -- sat out we want to get this first amount out the door so that.
The industry can continue to employ people and in good paying middle class jobs and that weekend.
Move the industry forward and then at next year first of the year we need to assess what the next up fact.
All right senators have -- great have a long thank you so much for joining us are.
Filter by section