[Congressional Record (Bound Edition), Volume 154 (2008), Part 18]
[Senate]
[Pages 24443-24444]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        AUTOMOBILE INDUSTRY HELP

  Mr. McCONNELL. Mr. President, Congress returns this week at a time of 
grave concern about the state of our Nation's economy. Americans are 
worried about the credit markets that

[[Page 24444]]

serve as the lifeblood of our Main Street economy. They are worried 
about the broader financial industry. And now they are worried about 
the possibility of another major convulsion coming from the auto 
industry, an important source of jobs throughout America, including my 
own State of Kentucky.
  As we consider new legislation this week, we must first ensure that 
we do no harm to taxpayers later in our efforts to help any one 
particular industry now. That is why Republicans insist that any 
proposal aimed at helping the auto industry include a firm commitment 
on its part to significant and fundamental reform. Troubled automakers 
cannot expect taxpayer help without a serious commitment to change 
their ways permanently.
  Any assistance from Congress would hold the auto industry accountable 
to essential reforms from day one. And it would include enforcement 
capabilities, including strict, immediate accountability and oversight. 
Automakers should not expect any new appropriations. Congress will not 
draw on funds that have already been designated to stabilize the entire 
economy in order to help one sector of it.
  As Congress works to help stabilize the broader economy, we cannot 
expose the taxpayers to new burdens without the promise of avoiding in 
the future the same mistakes that created these problems in the first 
place. This is the principle that should guide all of us in this week's 
negotiations. I am confident it will guide Republicans.

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