NOW:53045:USA01489
http://widgets.journalinteractive.com/cache/JIResponseCacher.ashx?duration=5&url=http%3A%2F%2Fdata.wp.myweather.net%2FeWxII%2F%3Fdata%3D*USA01489
45°
H 48° L 41°
Partly Cloudy | 3MPH

Practically Speaking

Kyle and her husband moved to Brookfield in 1986. She became active in local politics and started blogging in 2004. Her focus is primarily on local issues but often includes state and national topics, too. Kyle looks at things from the taxpayers' perspective in a creative, yet down to earth way, addressing them from a practical point of view.

Senator Herb Kohl on auto bailout

Government / Bureaucracy, TAXES, THE ECONOMY

  Dear Mrs. Prast:

     I've heard from many people with different viewpoints
about the proposed auto industry rescue plan, but we can all agree
that the American economy is struggling.  I supported the rescue
plan because of the 46,000 jobs in Wisconsin tied to the auto
industry.  In the current economic climate, we cannot afford to put
more Americans out of work.  The House of Representatives
passed their version of the auto rescue plan, H.R. 7321, on
December 10, 2008.  Unfortunately, a motion to proceed to
consideration of the bill failed to garner the necessary 60 votes,
stalling the bill in the Senate.

     The Auto Industry Financing and Restructuring Act
included $15 billion in short-term loans for GM, Ford, and
Chrysler, to be paid back with interest.  To avoid bankruptcy and
emerge as stronger businesses, the Big Three would have been
required to submit long-term restructuring plans no later than
March 31, 2009, or have their loans revoked.  Additionally, a
government appointed "car czar" would have overseen the
automaker's loan disbursement and restructuring.

     As a businessman, I questioned whether a government
bureaucrat would do a better job than the automakers have done.
However, the automakers were willing to submit to intrusive
government oversight, surrender their executive perks, and give the
American taxpayer a stake in any future profits, so I was willing to
support a rescue plan and give the automakers an opportunity to
succeed.






     I am hopeful that a bipartisan solution can be reached, or
that the Treasury will act, before it is too late for the auto industry.
Again, thank you for contacting me.






                                       Sincerely,


                                       Herb Kohl
                                       U.S. Senator



Please do not reply to this message; to make further comments or to find additional information, please
visit my web site at http://kohl.senate.gov/.

This site uses Facebook comments to make it easier for you to contribute. If you see a comment you would like to flag for spam or abuse, click the "x" in the upper right of it. By posting, you agree to our Terms of Use.

Page Tools