WASHINGTON, D.C. — Sen. Sherrod Brown is ready to authorize up to $34 billion in federal loans for the domestic auto industry, and the manager of the Ohio Assembly Plant in Avon Lake is confident Ford Motor Co. will survive if such a package is passed.
After listening to testimony yesterday by the leadership of Ford, General Motors and Chrysler Corp. before the Senate Banking Committee, Brown said the consequences of doing nothing were dire.
"We can either provide bridge loans to the auto industry or drive the economy off a bridge," Brown said "If we do nothing, there will be a cascade of bankruptcies, not just in Detroit, but across the country."
Brown pointed out that Montgomery County has lost 26,000 jobs in the last few years in the auto industry and its suppliers.
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