In the wake of the U.S. Senate’s failure to extend a bridge loan to auto manufacturers, U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today urged the White House to intervene on behalf of the auto industry by tapping the TARP program.

“Given the hard work and concessions made between Congress, the White House and autoworkers to reach an agreement that would temporarily aid the auto industry, I am appalled by the way Senate Republicans put politics ahead of America’s economic recovery,” stated Pascrell.  “The Senate Republicans’ irresponsible resistance to helping American manufacturers stay afloat is a dangerous gamble and an affront to America’s middle-class.  If serious about aiding the auto industry, the White House is left with little choice but to tap the TARP program and release short-term loan funding to preserve millions of American jobs in the coming weeks.  I urge the Administration to do so immediately.”

Rep. Pascrell testified before the House Financial Services Committee on Wednesday about the need to use the TARP program to stimulate the auto manufacturing and retail industries.

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