The President's announcement this morning provides an opportunity for the American automakers to become viable and competitive while securing millions of jobs. The auto companies and all other parties now must engage in comprehensive negotiations that will require all parties to make concessions.
The White House proposal unfortunately singles out workers and clearly puts them at a disadvantage before negotiations have even begun. It is essential that the development of the restructuring plans proceed in a fair and equitable manner, that the necessary sacrifice be mutual, and all laws governing fuel efficiency, emissions and improvements in automotive technology be preserved.
The binding conditions contained in today's White House plan largely reflect those negotiated between the White House and the Congress and passed by the House last week. These conditions require strong protections for taxpayers, tough accountability measures for the industry, and a thorough restructuring plan that sets out a roadmap to viability.
Congress stands ready to work with all parties during this difficult restructuring to restore the domestic auto industry, help revitalize the national economy, and secure millions of U.S. jobs.