U.S. Chamber Hails White House Support to American Auto Industry and Workers

Loans Will Protect the Economy and Bolster Carmakers

WASHINGTON, D.C.—U.S. Chamber of Commerce President and CEO Thomas J. Donohue issued the following statement today on bridge loans to the U.S. auto industry:

"Today the White House is showing real leadership by putting politics aside and American workers first. Providing loans to America's carmakers is a step toward preventing the collapse of our nation's auto industry. This would have been a devastating blow to the broader economy, American workers, and our national security. The auto industry is one of the most important sectors of the U.S. economy, representing 4% of GDP and accounting for one in 10 American jobs.

"It's the holiday season, but this is far from a gift. These loans must be paid back with interest and fully returned if the auto companies cannot demonstrate viability by March.

"These loans will buy U.S. automakers the time they need to continue implementing aggressive restructuring programs, exploring mergers, and developing the cars of the future. This is a good deal for the economy, taxpayers, the government, and the car companies."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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