Senator Bond favors federal aid to domestic automakers But he says the plan should not be a blank check. Congress has started the battle over 25-billion dollars in aid to the domestic automobile industry but the proposal already is endangered by partisan differences about where the money will come from.
Bond and Maryland Senator Barbara Mikulski are co-sponsoring an amendment giving tax breaks for buyers of new vehicles. Bond says the government also needs to make bridge loans to help automakers develop more saleable products….But he wants accountability. "The bill must include significant financial reform," he says.
Bond wants to make any federal funds conditional on a strong financial restructuring plan that will make the domestic industry profitable.
He says a cabinet-level official should be in charge of the loan program with authority to make automakers make plans, set goals and standards, and meet them. He says there is "real concern" that automakers will be back in the same shape they’re in now in six months if the government does not force them to take the steps to become profitable.