A Bipartisan Approach

Floor Speech

A BIPARTISAN APPROACH -- (Senate - November 19, 2008)

Mr. McCONNELL. Mr. President, the auto industry is an important part of the American economy, I certainly agree with my good friend the majority leader, and an important job creator in my State. We are all aware that one reason Congress is back in session this week is to address the crisis in the auto industry. Although our friends on the other side have been talking about this issue with increasing frequency, they have yet to indicate how they plan to move forward. There is clearly a deep controversy about using funds designed to strengthen our credit markets to shore up distressed companies and other industries. We all understand that. It is one of the main reasons why there is still a significant lack of support from both sides of the aisle to that particular kind of approach.

It is an understatement to say there is deep concern about the impact of more than $100 billion of new deficit spending in the bill that has been put forward. So let me suggest a bipartisan path forward that has not yet been offered by the majority. It is a compromise being worked on by Senators Voinovich and Bond which reproposes funds already appropriated, money we have already appropriated to fund a $25 billion loan program for auto makers to build advanced technology vehicles--coupled with new taxpayer protections and Federal oversight about how the money is spent. This is a proposal which I believe has support from both sides of the aisle and that actually has the potential to pass right now, not next year. There is a way forward that will help protect the jobs in the auto industry while also protecting the taxpayers. Senators Voinovich and Bond are working with colleagues across the aisle to protect taxpayers and our long-term economic health. Should this compromise approach be approved by the Congress, it is the only proposal now being considered that we believe President Bush will sign. It could actually become law and become law in the very near future.

As we move forward, we must do so in a bipartisan way on this and the myriad of other issues to come, and a good place to start would be right now.

I yield the floor.

Source