Ohio: Bailout

Gov. Ted Strickland said if the U.S. auto industry fails the country will slip into a depression.

Appearing on MSNBC's "Morning Joe" on Thursday, Strickland debated giving loans to General Motors and Chrysler with Gov. Mark Sanford (R-S.C.). Strickland said the failure of the Detroit Three would collapse auto suppliers as well.

"I believe we are in a national recession that could...go into depression if this industry fails,” he said. "I believe those who are opposing this bailout are playing with fire."

As Congress continued to discuss providing bridge loans to the auto industry, U.S. Senator Sherrod Brown (D-Lorain) released a statement Tuesday conveying his support for the measures.

"Aid for the auto industry is an investment in our nation's middle class and I'm glad the White House is now at the table," Brown said. "Millions of American jobs are at stake. The auto industry has agreed to strict oversight measures and has provided plans on how they'll use taxpayer funds."
 

Ohio Democratic Gov. Ted Strickland and Lt. Gov. Lee Fisher urged lawmakers to provide financial support to U.S. automakers before expected action by the U.S. Congress on a federal stimulus package to the industry.

U.S. Sen. George Voinovich says "time is running out" for Congress to act on giving loans to U.S. automakers.

The heads of General Motors, Ford and Chrysler are on Capitol Hill asking Congress for as much as $34 billion in federal aid for their companies that are in danger of running out of money.

Last month Congress heard their pleas and began to hear bills to aid the auto industry. A bill from Voinovich (R-Cleveland) would essentially accelerate $25 billion in loans for automakers already approved by the government.