Lamborn Votes No on HR 7321, the Auto Industry Financing and Restructuring Act

June 29, 2009
Press Release

Lamborn Votes No on HR 7321, the Auto Industry Financing and Restructuring Act

 

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Washington, Dec 12, 2008 -

Congressman Doug Lamborn (CO-05) has released a statement describing his opposition to H.R. 7321, the $14 billion Auto Industry Financing and Restructuring Act.

 

"I know many car dealers and autoworkers are hurting. I’ve heard from dealers in my district who are understandably anxious about their future – they are good people and my heart goes out to those families and individuals who have lost jobs in this vital industry. But, a short term fix is not the long-term solution we are all seeking.


"I did an e-mail survey of nearly 60,000 of my constituents and asked them if taxpayers should be bailing out the auto industry. Thirteen-hundred of them responded, and almost 90% said "no."  They have bailout fatigue. They know it makes no sense for taxpayers to foot the bills for an industry that’s been mismanaged for decades. They recognize that the only real long term solution is for the auto industry to come up with a new business model.


"Clearly, no one wants to see the American auto industry go under – and I do not believe that it will. What will happen, if they don’t get this federal bailout, is exactly what would happen in the free markets: the car manufacturers will restructure, retool, and reemerge stronger than ever. And ultimately, that’s what everyone wants-a strong, healthy private industry, where workers can earn good wages for their families."

 

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