WASHINGTON -- The federal government needs to do more to free up credit for manufacturers trying to survive the economic downturn, two Ohio businessmen told a Senate panel yesterday.
"Small, middle-market manufacturers are being clobbered by the credit crisis and are in serious trouble," said William E. Gaskin, president of Precision Metalforming Association, a trade group based in suburban Cleveland.
Eugene R. Haffely Jr., chief operating officer of the Dayton equipment company Assembly & Test Worldwide, said his industry "is in danger of not surviving the current economic chaos. ... The lack of credit is endangering the continued existence of virtually all of our companies."
Sen. Sherrod Brown brought the businessmen in to testify before the Senate Banking Committee's subcommittee on economic policy, which the Ohio Democrat chairs.
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