Political Quotes

“H.R. 1664 will help combat a crisis that is confronting American steelworkers and steel companies. A flood of cheap imports abroad have left our nation's steel factories facing stiff competition from illegally-subsidized products. This legislation grants relief to the American oil and gas industry, providing federal loan guarantees to companies that are at risk to these imports. If we do not move quickly to support the backbone of our country's commercial sector, we could see other parts of our economy-- including the construction, automobile and shipping industries-- affected as well. The steel industry in my district has also seen losses as a result of these imports, and this legislation--which I have cosponsored--will address their needs as well. H.R. 1664 is modeled on the successful $1.5 billion Chrysler loan guarantee program, enacted in 1980. Three years later, Chrysler repaid the government seven years before their loans were due. Federal loan guarantees are nothing new; they have been extended to Lockheed Aircraft, Conrail and City of New York. This legislation allows banks and financial institutions to provide federally guaranteed loans to U.S. steel mills and small oil and gas producers. OMB and CBO have indicted it is fully offset, and the bill's $270 million price tag is modest when compared with the potential losses in the nation's steel mills and factory lines.”