Tonight Congressman Ken Calvert (R-CA) will vote against H.R. 7321 - The Democrat Auto Financing Bill.
“No one wants to see the Big Three American auto companies fail, they are a proud part of our history,” said Rep. Calvert. “However, I believe the bailout will simply delay the inevitable and does not provide a long-term solution to the financial problems of the three companies.”
The Democrat Auto Financing Bill provides a $14 billion bridge loan to three U.S. auto manufacturers. Each eligible manufacturer is required to submit a long-term restructuring plan to the President’s designee no later than March 31, 2009.
“I have no confidence that government can run an auto company and although it is not desirable, the best course of action for U.S. automakers is to bring everyone to the table – creditors, suppliers, the UAW and management – to reorganize under Chapter 11,” said Rep. Calvert.