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Bush scolds Congress over auto bailout |
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By Kevin Bogardus
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Posted: 11/22/08 11:35 AM [ET] |
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President Bush on Saturday criticized Congress for not
voting on a proposal to speed emergency relief to America’s major automobile
manufacturers. In his weekly radio address from the Asia-Pacific
Economic Cooperation summit in Lima, Peru, Bush said lawmakers had a chance to
pass legislation during this week’s lame duck session that would have opened up
$25 billion in loans to Detroit’s Big Three. The funds would have helped the
companies withstand the current economic turmoil.
The funds in question were originally limited to helping
the carmakers develop energy efficient vehicles. The plan Bush favored would
have removed those restrictions and instead provided the money as a straight loan
to the auto manufacturers.
“This proposal earned support from both sides of the
aisle on Capitol Hill. Unfortunately, the leadership in Congress adjourned
without even allowing this measure to come up for a vote,” Bush said.
Other plans failed to gain support as well. Democratic
leaders suggested moving funds from the original $700 billion Wall Street
bailout to automakers, but that proposal was not voted on either. The session
ended with congressional leaders promising to return in December to try again
to relieve Detroit’s troubles and asking the major car companies to provide a
viable business plan to Capitol Hill.
“This is a critical
issue for our economy and our country. The American people expect their elected
leaders to do what it takes to solve it,” Bush said. |
