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Martinez Supports Auto Industry Bailouts

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By CHRISTIAN M. WADE | The Tampa Tribune

Published: March 30, 2009

TAMPA - Sen. Mel Martinez expressed support for more bailout funds for General Motors and Chrysler, saying the federal government "cannot allow" the U.S. auto industry to fail.

"We've made a commitment to the auto companies," the Republican lawmaker said following a speech today at the Tampa Port Authority. "We cannot allow them to simply fail and go away."

He remarks came as President Obama unveiled sweeping plans to reshape the auto industry and extend additional money to GM and Chrysler to give them more time to restructure. Obama has set deadlines for the ailing automakers to get on a path to viability and is threatening to force bankruptcy or to cut off aid if progress isn't made.

To date, GM and Chrysler have borrowed more than $17 billion from the government to keep their struggling operations intact. Both automakers have said they need more.

Republican lawmakers in Congress have been critical of giving them more money.
Martinez said he believes the auto industry needs more time to put those dollars to work.
"Before we try bankruptcy, we need to continue to work with them," he said.

Still, Martinez said he was uneasy about revelations that, as part of the deal, Obama had pushed Rick Wagoner, GM's chairman and chief executive officer, to resign his post.

"When government starts changing CEOs of private companies, it's a problem," he said.

Reporter Christian M. Wade can be reached at (813) 259-7679.

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