Loans to car makers spell relief for area’s U.S. legislators

“Relieved.”

That’s how two U.S. House members who represent the Mahoning Valley and U.S. Sen. Sherrod Brown described President George W. Bush’s decision today to provide $17.4 billion in short-term loans to the struggling American auto industry.

“I believe the failure of the American auto manufacturers would have forced our already hurting economy further into turmoil,” said U.S. Rep. Charlie Wilson of St. Clairsville, D-6th, who represents all of Columbiana County and a portion of Mahoning County. “I’m just relieved [the Bush administration] decided to do this,” said U.S. Rep. Tim Ryan of Niles D-17th, who represents portions of Mahoning and Trumbull counties. “Now the [auto companies] have got to make hard decisions, but at least they have some breathing room.”

The companies must become financially viable by March 31 or the government will require the immediate payback of the borrowed money.

Brown, a Democrat from Avon, said the auto loans “averted an economic catastrophe for the industry, and potentially for the [national] economy.”

U.S. Sen. George V. Voinovich, a Republican from Cleveland who took a leadership role on the auto loan issue, said he was “grateful the president stepped in to help thwart a disaster that would have sent our staff over a cliff.”

For the complete story, read Saturday’s Vindicator or Vindy.com