Upton urges using TARP funds for automakers

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By WSBT News1

Story Created: Dec 12, 2008 at 9:16 AM EST

Story Updated: Dec 12, 2008 at 11:57 AM EST

Congressman Fred Upton, R-St. Joseph, is urging the White House and congressional leaders to immediately release money from the recent bailout for the banking industry to help save domestic automakers.

"Now that we’re at the 11th hour and out of options, there is only one course of action to save the millions of jobs in Middle America related to the auto industry," Upton said in a statement late Thursday after the collapse of congressional talks designed to provide $14 billion for struggling U.S. automakers.

Upton urged the White House and fellow members of Congress to release some money from the Troubled Assets Relief Program (TARP), the largest part of the recent $700 billion bailout plan approved recently mainly to help the banking industry.

The move would provide some assurances to the financial markets that money will be available to carry the automakers into 2009, Upton said. "Without action, 3 million middle-class jobs and the U.S. economy hang in the balance this holiday season," he said.

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