Both U.S. Reps. Tom Allen (D-Portland) and Mike Michaud (D-East Millinocket) supported $14 billion in bridge loans to the auto industry.

The House voted on the bill at 8:46 p.m. Wednesday night.

In a statement, Michaud said his support was reluctant. He cited jobs as a key factor in his decision – one in 10 jobs is linked to the industry, he said. Click here for his full statement.

“It’s clear that the automakers will have to make sacrifices in order to restructure and innovate. I understand that even with the assistance that this bill offers that there will still be serious challenges, including layoffs, over the coming months as these companies restructure. But these bridge loans make sure that our country’s automakers get the chance to do the right thing. The program will help maintain the manufacturing capacity of the United States, which is important not only to our economy, but also to our national defense. Without this lifeline, they would not have the ability to do this. And if we did nothing and the auto companies fail, it is estimated that the cost to government for things like lost employment could be tens of billions of dollars. Pension liabilities alone could add about $10 billion to the federal government’s already deficit laden Pension Benefit Guaranty Corporation.”

Michaud did not support the Wall Street bailout this fall. He said the auto bailout is very different.

“This program is already funded through existing appropriations and would not constitute new spending. It is a reprogramming of existing funding. Taxpayer protections are something that I have always demanded, and I am pleased that changes have been made to reflect my concerns and those of other skeptical Members of Congress. The bill we voted on contains better protections for taxpayers. For example, taxpayers would be first in line for repayment if an automaker fails after receiving a bridge loan,” he said.

He places the blame on what he calls unfair trade practices, which have hurt many industries. He is working for changes on the value added tax system.

“It is no small wonder that Detroit cannot export effectively from the United States and must set up foreign operations to counter the effects of VAT, currency manipulation and other unfair foreign trade practices. In addition to addressing these issues, we need to incentivize the purchase of American made cars and trucks. This starts with Detroit building competitive vehicles and could include tax incentives for consumers who buy them,” he said.