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Public Statements

Automobile Crisis

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. ISAKSON. First of all, Mr. President, I commend the distinguished Senator for all the work he has done on this issue over the last 2 months. But I
have one question. Is it not true that almost all those conditions in those three conditions you outlined were in whole or in part verbally contemplated by the automakers in terms of what it is going to take for them to come back and be profitable in the first place?

Mr. CORKER. No question. I say to the Senator from Georgia, they have come in our offices and actually--they have advisers. Their financial advisers have told them that they need for us to craft this legislation this way so they have the hammer they need to make the bondholders reduce their debt so they can be healthy. Without this kind of hammer, nothing is going to happen.

Look, you have read this bill. This bill says they have to have a plan to show a net present value in place by March 31--a plan. It does not say when it has to be accomplished. We can solve this problem so simply for them, for the United Auto Workers, for the State of Michigan.

By the way, for the record, I want to say I have a General Motors plant in my State. It is very important. It is modern. It has been invested in. We have a Nissan plant, and we have a Volkswagen plant coming.

The automobile industry is very important to me, as I know it is to you, I say to the Senator from Georgia. I thank him for that question.

Mr. ISAKSON. Mr. President, I say to the Senator from Tennessee, I thank you for your hard work.

Mr. President, I yield back.

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