House Speaker Nancy Pelosi said US automobile manufacturers need to restructure “to ensure their long-term economic viability.”
In a statement issued in Washington, Pelosi also said that the “appropriate source of funding for this short-term assistance is the Troubled Assets Relief Program (TARP) recently authorized by Congress.”
“Any effort to divert funds from the advanced technology initiative contained in Section 136 of last year’s energy bill is a step backward in assuring the viability and competitiveness of the US auto industry,” Pelosi’s statement said.
On Saturday, Ron Gettelfinger, head of the United Auto Workers, said General Motors Corp, Ford Motor Co and Chrysler LLC need US financial assistance before President-elect Barack Obama takes office on January 20.
