On the recordJuly 13, 2011
My amendment eliminates funding for the Advanced Technology Vehicles Manufacturing Loan Program, transferring $6 million to the spending reduction account. Mr. Chairman, I am 100 percent supportive of the automobile industry producing more fuel-efficient automobiles. However, there is simply no good reason that the Federal Government should be subsidizing billion- dollar companies at a time when our Nation is broke. Over the past few years, we have seen the automobile industry receive an unprecedented amount of government assistance. We have seen an industry bailout, the market distorting Cash for Clunkers program, and many more subsidies, all done with little regard for taxpayers' money. It is time that we begin to reverse this disturbing trend and let the automobile industry succeed or fail on its own merits. We have to stop these kinds of subsidies, particularly in these hard times when our Nation is in economic emergency. I urge support of this amendment. I yield back the balance of my time.
