Marshall Sanford: “I think what I have before all of us is a commonsense amendment. It simply says that the advanced technology vehicle…”

“I think what I have before all of us is a commonsense amendment. It simply says that the advanced technology vehicle manufacturing loan program will continue to exist, but there can be no additional loans. The reason that I do so is, when I came and offered this amendment last year, I had a cutting amendment last year, but what was explained to me was that, if you cut the program, then you wouldn't have money to administer the existing loans that were out there. So, as a result, I have altered this amendment so that it again leaves in place the appropriation, which is more than $5 million, so that you could continue to administer the existing loans that are in place, but there would be no additional loans. Now, why do I think that that is important? I think it is important for a couple different reasons. I think, from a Democratic standpoint, what we would say is that we all believe in equality and that there shouldn't be subsidized loans for major corporations, global corporations, here in the United States while your cousin's pizza business is struggling or your friend's landscaping business is struggling. They don't get subsidized loans. Why should a big business? So, from a Democratic standpoint, I think we would hold that belief. From a Republican standpoint, we would say we need to watch out for the taxpayer. If you look at the default rate on these loans, unfortunately, it has been relatively high.…”