Michigan Congressman Tells Auto Industry 'It is Not Your Money'

Michigan Congressman Knollenberg appeared on Fox News with Neil Cavuto yesterday to discuss the possible bailout of the Big 3 American automakers.

During the interview with the Republican from Michigan, Cavuto gave a list of industries that could come to Congress making the case for them to receive government help. "Where do you draw the line with our money?" "It is not your money," said Knollenberg. Knollenberg went on to blame a credit freeze as the reason for the Big 3's financial crisis. Knollenberg claims that making credit more available would resolve this issue, but a $25 billion dollar bailout would keep the companies alive until the credit freeze ended. In September, Congress passed a bill to loan $25 billion to the Big 3 with the checks scheduled to start flowing in 2009. The Big 3 has argued that this is not a "bailout," but a good investment. They also claim that they are in such dire straits that they will not make it to the end of 2008. According to Detroit News, Obama may favor appointment of an auto czar to oversee the government's efforts to funnel emergency assistance to automakers. Many in Congress have stated that the automakers might get the help they need if they manufacture vehicles more friendly to the environment, give government preferred stock in their companies, and put government officials on their boards.