Bush, Hill leaders: Job losses argue for auto help
December 5, 2008
WASHINGTON (AP) — President Bush and congressional leaders seized on grim new unemployment data on Friday to rally support for a rescue of U.S. automakers, although they clashed over the terms for aid and where the money would come from.
As the Big Three auto chiefs pressed their case for a $34 billion rescue plan in a second day of testimony on Capitol Hill, Bush told reporters in the Rose Garden that Friday’s report that employers slashed 533,000 jobs in November was all the more reason to help automakers.
“I am concerned about the viability of the automobile companies” and worried about workers and their families, Bush said.
He said Congress should do it by no later than next week — and make sure that taxpayer money is repaid.
Bush repeated his earlier calls that Congress should dip into a $25 billion program that already exists, set up to help the industry retool to make more fuel-efficient cars.
Democratic leaders as well as environmentalists oppose such an approach and argue for help by other means, including taking the money from a $700 billion financial bailout fund being administered by the Treasury Department.
Congressional budget analysts have said raiding the fuel-efficiency fund for a broader auto industry bailout would only net $10 billion to $15 billion.