Mobile UPI  |   About UPI  |   UPI en Español  |   UPI Arabic  |   UPIU  |   My Account
Search:
Go

Bush raps Congress on carmaker aid

|
|
 
  
President George W. Bush makes remarks on aviation congestion and transportation safety at the U.S. Department of Transportation on November 18, 2008 in Washington D.C. (UPI Photo/Aude Guerrucci/Pool) 
Published: Nov. 21, 2008 at 6:32 PM

LIMA, Nov. 21 (UPI) -- U.S. President George W. Bush Friday criticized Congress for not voting on a compromise measure to allow automakers access to $25 billion in federal loans.

In his weekly radio address, released one day early by the White House, Bush said the big three automakers should be able to use loans authorized this year to meet their cash needs, even though the funds are meant to promote improved fuel efficiency.

The automakers have been pressing Congress for additional loans as they face a cash crisis in a slumping economy and a global financial crisis. Three U.S. senators -- Michigan Democrat Carl Levin and Republicans Christopher Bond of Missouri and George Voinovich of Ohio -- proposed a compromise but Democratic leaders on Capitol Hill delayed a vote on the measure until the carmakers present specific proposals on how they would use the funds.

"Under the law, this money is not available to help auto companies with their immediate funding challenges," Bush said. "So this past week, Senators Bond, Levin, and Voinovich came forward with a new proposal that would allow auto companies to access the loans they need -- as long as they're willing to restructure to become financially viable.

"This proposal earned support from both sides of the aisle on Capitol Hill," said Bush, who is in Lima for a summit meeting with leaders from nations in the Asia Pacific region. "Unfortunately, the leadership in Congress adjourned without even allowing this measure to come up for a vote."

Topics: George Bush, George Voinovich
Recommended Stories
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

Order reprints
  
Join the conversation
Most Popular Collections
The Tibetan Moniam Festival in China Super Bowl XLVI ticker tape victory parade The making of the Oscars
The Chicago Auto Show The Most Desirable Women of 2012 Tu Bishvat Migron settlement
Additional Top News Stories
1 of 20
Syrian protests continue
View Caption
fark
Nerdiest sport ever: Combat juggling
Photoshop this topless athlete
Man rejects girlfriend's noodles, says toodles by leaving her in poodle of blood. Oodles of boodle...
Mormons tried to posthumously baptize Nobel laureate and Holocaust survivor Elie Wiesel but were...
School principals should probably have background checks processed on them before they are hired...or...
Despite having a court order against her, man interrupts domestic battery case against his girlfriend...