“On a preliminary point, I am not going to inquire about your travel arrangements because I am a congressman—not a Conde Nast travel agent. And right now it is a very anxious holiday for working families in Michigan and in our entire American manufacturing sector. For that reason later today I will be putting out what I hope to be four points for a principled bridge loan that can be approved by this Congress, the most salient of which for the current proceeding are these: is that half of the bridge loan come from the TARP funds for the prevention of foreclosures and that half the funds come from the Department of Energy loans for the preservation of the research and development in green technologies in which the auto industry already engages. And of course, the ultimate maximum tax payer protections, the best protection of which is a viable restructuring plan which I believe you have put forward. As to why this is necessary economically, we've heard much about a ripple effect; how one manufacturing job lost can cause the loss of seven to ten more jobs. My friends, that is not a ripple effect, that is a tsunami affect, especially in these critical times.
“And as we debate this issue, let us look past the people in the room at the people who are employed in the manufacturing industry and remember the human cost of the decision that we will render. In the final analysis I believe I agree in some part with what the President said on this issue, quote "No matter how important the autos are to our economy, we don't want to put good money after bad." Yes, I recognize the rich irony in that Administration's statement. But what I also recognize as we debate this issue is a simple proposition: In America the only thing too important to fail is a working family. And as we address the bridge loan for the auto industry let us not fail these working families who have entrusted us with these positions in congress.
“Thank you.”