Pelosi Statement on White House Proposal on Auto Industry

This afternoon the Bush Administration proposed that the automobile industry be given "quick access to a $25 billion federal loan program, by dropping a requirement that the money be spent on converting to fuel-efficient vehicles." Speaker Pelosi released the following statement:

The President's proposal would unwisely divert money urgently needed for modernization of the U.S. auto industry, so that it can be competitive in the future, making energy-efficient vehicles and meeting our national security imperative of energy independence. Democrats are working to find a bipartisan solution to sustain the industry that supports 1 in every 10 jobs in America until these technological advances are achieved, while protecting the interests of taxpayers. The President should join us in this effort.

As Speaker Pelosi stated earlier this week:

In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action.

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It is essential for the domestic automobile manufacturing industry to re-emerge as a global, competitive leader in fuel efficiency and in new, path-breaking energy-efficient technologies that protect our environment. For the automobile industry to be truly viable, it must continue to move in this direction.