[Congressional Record Volume 154, Number 176 (Wednesday, November 19, 2008)]
[Senate]
[Pages S10607-S10608]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         A BIPARTISAN APPROACH

  Mr. McCONNELL. Mr. President, the auto industry is an important part 
of the American economy, I certainly agree with my good friend the 
majority leader, and an important job creator in my State. We are all 
aware that one reason Congress is back in session this week is to 
address the crisis in the

[[Page S10608]]

auto industry. Although our friends on the other side have been talking 
about this issue with increasing frequency, they have yet to indicate 
how they plan to move forward. There is clearly a deep controversy 
about using funds designed to strengthen our credit markets to shore up 
distressed companies and other industries. We all understand that. It 
is one of the main reasons why there is still a significant lack of 
support from both sides of the aisle to that particular kind of 
approach.
  It is an understatement to say there is deep concern about the impact 
of more than $100 billion of new deficit spending in the bill that has 
been put forward. So let me suggest a bipartisan path forward that has 
not yet been offered by the majority. It is a compromise being worked 
on by Senators Voinovich and Bond which reproposes funds already 
appropriated, money we have already appropriated to fund a $25 billion 
loan program for auto makers to build advanced technology vehicles--
coupled with new taxpayer protections and Federal oversight about how 
the money is spent. This is a proposal which I believe has support from 
both sides of the aisle and that actually has the potential to pass 
right now, not next year. There is a way forward that will help protect 
the jobs in the auto industry while also protecting the taxpayers. 
Senators Voinovich and Bond are working with colleagues across the 
aisle to protect taxpayers and our long-term economic health. Should 
this compromise approach be approved by the Congress, it is the only 
proposal now being considered that we believe President Bush will sign. 
It could actually become law and become law in the very near future.
  As we move forward, we must do so in a bipartisan way on this and the 
myriad of other issues to come, and a good place to start would be 
right now.
  I yield the floor.

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