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Martinez Supports Automaker Bailout

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By CHRISTIAN M. WADE

cwade@tampatrib.com

Published: March 31, 2009

TAMPA - Sen. Mel Martinez expressed support for more bailout money 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 after a speech Monday at the Tampa Port Authority. "We cannot allow them to simply fail and go away."

His remarks came as President Barack 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 toward viability and is threatening to force bankruptcy or to cut off aid if progress isn't made.

GM and Chrysler have borrowed more than $17 billion to date from the government to keep their operations intact. Both have said they need more.
Republican lawmakers in Congress have been critical of giving them more money.

Martinez said he thinks 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 CEO, 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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