Searchlight, NV—Senate Majority Leader Harry Reid made the following statement today in response to the White House proposal to give General Motors and Chrysler $13.4 billion while they restructure their companies to become viable:
“I am pleased that the Administration’s latest offer incorporates most of the terms of the agreement struck with Congress last week – providing emergency funds to prevent our auto industry from going bankrupt while requiring necessary concessions to make the companies viable for the long term. And we are sending the auto executives who brought us to this point the clear message that if they do not soon find a way to become viable, they will lose government support.
“Under this proposal, important decisions will be left to the next Administration to make or oversee. It’s important that all stakeholders take appropriate steps to ensure the longevity of the American auto industry. We look forward to continued cooperation and collaboration with the current Administration and the next to help achieve responsible reforms of the Big Three.
“This must be resolved as quickly as possible so that Americans who spend their days at the core of our nation’s manufacturing sector can know they have a job to go to and a paycheck to take home during the holiday season.”