Searchlight, NV—Senate Majority Leader Harry Reid made the following statement today in response to reports that Chrysler will shut down its manufacturing operations for a month and Ford will shut down 10 assembly plants for an extra week in January:
“Today’s announcements of unplanned shutdowns at Chrysler and Ford underscore the auto companies’ precarious state. I am disappointed that Senate Republicans did not join with congressional Democrats to provide immediate bridge financing and the restructuring the Big Three need. But as I have said all along, the Treasury already has the authority and resources at its fingertips to provide emergency bridge loans to the Big Three. I encourage them to do so as quickly as possible.
“The auto executives undeniably made many misguided decisions that brought us to this point. But our battered economy can hardly afford the risks of these companies going bankrupt and plunging us further into recession.”