Stabenow: Auto Retooling Program Will Help Keep Jobs in Michigan
Press Release
Stabenow: Auto Retooling Program Will Help Keep Jobs in Michigan
U.S. Senator Debbie Stabenow, (D-MI) today announced the final agreement as part of the continuing resolution on the budget to include $25 billion in low-interest loans to automobile manufacturers for retooling older factories. The Advanced Technology Vehicle Incentives program authored by Senator Stabenow will allow automakers to produce the next generation of vehicles here at home. This provision is designed to revitalize the economy and comes at a time when Michigan's unemployment rate leads the nation at 8.9%.
"This critical line of credit will not only create good-paying jobs but would help an industry racing to create the next generation of automobiles to free us from our dependence on foreign oil," said Stabenow. "At a time when the credit crisis and rising gas and energy costs continue to plague our economy, this investment can't come soon enough."
The retooling provision instructs the Department of Treasury to provide up to $25 billion in low-interest loans to American automakers to finance the retooling of existing manufacturing facilities. These facilities can then be utilized to produce the next generation of alternative fuel and advanced technology vehicles.
Senator Stabenow has been a strong advocate for federal investment in both advanced technology development and the retooling necessary to produce such advanced technology vehicles. The retooling program was originally authored by Senator Stabenow in March of last year and passed as part of the Energy Independence and Security Act of 2007. This provision was also included in Senator Stabenow's Green Collar Jobs Initiative, which was included in the Congressional Budget Resolution in June 2008.
Since President Bush took office in 2001, over 3.5 million manufacturing jobs have been lost. Michigan has lost over 278,000 manufacturing jobs in that same period as the unemployment rate has climbed from 4.7% to 8.9%.
Source