Voinovich's Auto Bailout

He wants "credit" for it, I'll be glad to give it to him...

Here is the release:

WASHINGTON, D.C. – U.S. Senator George V. Voinovich (R-OH), Co-Chair of the Senate Auto Caucus, today finalized a compromise bill along with U.S. Senators Kit Bond (R-MO) and Carl Levin (D-MI) aimed at helping the American automobile industry and protecting millions of jobs while safeguarding taxpayers and our nation’s long-term economic health. The bill repurposes funds already appropriated by Congress for a $25 billion loan program for automakers while also providing new taxpayer protections and strong congressional oversight. The repaid funds will eventually replenish the account to be used for its original purposes. Original co-sponsors include Sens. Arlen Specter (R-PA), Debbie Stabenow (D-MI) and Sherrod Brown (D-OH).

“Right now, thousands if not millions of Americans who are tied to the automotive industry are worried about their jobs and providing for their families,” Sen. Voinovich said. “And they’re looking to Congress for leadership. As Co-Chairman of the Senate Auto Caucus I’m pleased that we have come up with a bipartisan compromise to protect a cornerstone of the American economy.

“Our legislation requires that the auto companies provide strategic plans detailing how they will ensure their financial viability and pay back the loans so we aren’t wasting taxpayers’ money. And the plan must be approved by the Secretary of Commerce. Our bill gives Congress and the administration a strong oversight roll to ensure the money is being used properly according to the plan.

“We must ensure that the American auto industry remains whole. During these uncertain and fragile economic times, in my opinion, bankruptcy is not an option,” Sen. Voinovich continued. “Bankruptcy could trigger a deep recession and send us over the cliff. If these companies are allowed to fail, taxpayers will wonder why Congress failed to act and at least provide a mechanism for automakers to get a loan. Time is running out and we must take action now.”

And here is the bill:

Voinovichs Auto Bailout

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I am told that our senior senator owns two Ford Taurus station wagons. No word on whether they have wood paneling or not...

NOTE: Video from the press conference is available via C-SPAN here.