Tester statement on White House bailout of domestic auto industry

(WASHINGTON, D.C.) – Senator Jon Tester, a member of the Senate Banking Committee, today released the following statement in response to President Bush's decision to use money approved by the Wall Street bailout bill to help the nation's struggling domestic auto industry:

"I voted against the recent Band-Aid fix for Detroit because it didn't make sense to spend billions more to assist our domestic auto companies after Congress just approved giving the Bush Administration $700 billion to bail out the banks.  Now that those funds are available it is just common sense that the Bush Administration use some of that money to help our domestic auto industry.

"America's domestic auto industry is an important part of our manufacturing base and our national economy.  Only time will tell if this plan will work."

"I am still concerned about singling out hardworking union members who are saddled with unprecedented sacrifices, without similar concessions from the executives. We've got a lot more work to do to rebuild the economy from the ground up."

Tester is the only Senate Democrat who voted against the $700 billion Wall Street bailout and the recent bailout for domestic automakers.