First District Congressman Paul Ryan supports a $15 billion loan package for the auto industry, in terms of money from the energy department that was approved earlier, but not given to the Big Three.
The Janesville Republican said it was a political hot potato between using the existing energy department money or money from the Treasury. Ryan says we shouldn't give them more than they're asking for though, and should avoid cutting through red tape to increase those amounts.
Ryan says there's great irony in the federal government, with its record of fiscal management, telling the auto companies they have to a better job, while dictating terms. He says it's an enormous industry that has an enormous impact on our part of the country and the major companies aren't likely to survive without help.
Ryan does not support allowing the auto companies to go the route of Chapter-11 bankruptcy, because of the doubt it would throw in their pension plans.
Ryan believes the compromise package will be voted on Wednesday.
