WASHINGTON—U.S. Secretary of Commerce Carlos M. Gutierrez issued the following statement in advance of testimony by the "Big Three" Automakers on Capitol Hill regarding their plans for financial viability: "The automobile industry is one of America's most storied and important sectors. While our economy is facing unprecedented challenges, the collapse of the auto industry could be devastating. We must do everything within our power to responsibly safeguard the auto industry from failure, but we must be certain it can demonstrate a path to financial viability before receiving taxpayer funding.
"Congress can extend a lifeline to the industry by using funds already authorized in the Energy Bill. And though these funds were originally intended for next generation vehicles, without action now, there won't be a next generation of American automobiles.
"Today the automakers have returned to Capitol Hill to lay out a blueprint for the future. They must address tough questions about the overall competitiveness of the industry. From labor, management and legacy costs to fuel efficiency standards and dealer network costs, the challenges are significant. There is no easy fix, and there is no single answer-the industry must take a comprehensive approach to rebuilding. We can be partners in their success, but only if the industry is willing to make the hard choices.
"At the end of the day, I believe the American people want to root for American brands, American workers and American industries, but, they also demand accountability and financial viability. I am hopeful that by working together we can do what's best for the industry, best for taxpayers and best for our economy."
Source: U.S. Department of Commerce
