Clinton Calls on Bush to Aid Detroit

Sen. Hillary Rodham Clinton (D-N.Y.) today called on the White House to use remaining money from the Treasury’s $700 billion bailout fund to help keep the Big Three in business, after the Bush administration indicated this morning that it would consider doing so.

“I call on the current administration to use any tool at its disposal to keep our automakers afloat including using the authority given to the Treasury Secretary to stabilize our markets and troubled companies,” Clinton said this morning in a release from her Senate office.

The Senate last night voted against a $14 billion loan package for Chrysler, Ford, and General Motors, dashing hopes–for now–of a congressionally approved bailout for Detroit. The Bush administration has previously resisted using funds from the $700 billion Troubled Asset Relief Program (TARP) to aid the Big Three.

See Clinton’s full statement below:

It is profoundly disappointing that this critical assistance for American automakers and the millions of workers whose jobs are directly and indirectly in jeopardy has been blocked. Millions of Americans, whose livelihoods are at stake by no fault of their own, are now left waiting over these holidays to see whether or not their jobs will be saved. This is a very complex issue which is why this bill has been negotiated by Senate and House leadership of both parties in concert with the White House, requiring concessions from labor and management, including strong oversight provisions, and ensuring that taxpayers will recover investments if and when these companies are once again profitable.

This is a difficult time for America and for American families. Our economy has been buffeted by turmoil in the financial markets and a growing mortgage crisis, resulting in