Following President Barack Obama's announcement concerning his plan for making the auto industry viable Monday, House Speaker Nancy Pelosi released a statement in which she said she shared Obama's goal of a viable and competitive domestic automotive industry.
Over the weekend, Obama rejected providing more taxpayer funds for ailing auto companies Chrysler and General Motors. This resulted in the resignation of GM CEO Rick Wagoner.
Under the plan announced Monday, Obama said his administration would allow GM and Chrysler a limited time in which to work with creditors, unions and other stakeholders to restructure in such a way that would justify further taxpayer support.
Obama said that one of the conditions that must be met by Chrysler within a 30 day time period was finalizing a deal between Chrysler and Fiat, and that the deal must meet certain requirements.
If the deal met the requirements, the US would consider lending the companies as much as $6 billion in funds.
GM, meanwhile, was given 60 days' worth of capital, and Obama said his administration would work with the company to produce a better business plan.
I'm confident that GM can rise again, provided that it undergoes a fundamental restructuring, Obama said during Monday's announcement.
Pelosi, in her statement, said she shares President Obama's goal of a viable and competitive domestic automotive industry, which is an essential part of America's manufacturing base and our national security, and a critical source of green jobs for the future.
The future success of the domestic auto industry depends on the willingness of all parties to make sacrifices, but sacrifice must be shared and equitable, Pelosi continued.
As the President said, we must protect taxpayers, promote energy independence, and preserve a viable auto industry, while protecting as many of our manufacturing jobs as possible.
The automotive industry has long been part of our nation's economic strength, and it can be again, Pelosi added.
Congress is committed to working with the president to renew the auto industry so it can become a global, competitive, and innovative leader in fuel efficiency and in advanced energy-efficient technologies that reduce our dependence on oil and protect our environment.
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