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NASCAR chairman backs automakers request for aid

December 7th, 2008

NASCAR chairman Brian France has added his support to the Detroit automakers in their efforts to persuade Congress to approve a financial rescue package. In a letter addressed to Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, Senator Chris Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, and Senator Richard Shelby, the senior Republican on the Banking Committee, France wrote, “I’m writing you as a concerned American who wants what is best for our general country. Of course, the domestic automobile manufacturers play a very important part of the heritage of NASCAR, but more importantly, it is vital for all of America.”

France went on to warn of the consequences should Congress allow the industry to fail: three million people would lose their jobs in the first year, and another 2.5 million would become unemployed over the following two years. He added that domestic light vehicle production, including that of foreign brands, would likely drop to zero as suppliers used by many of the car companies went under.

“We urge the Administration and Congress to support the bridge loan package under deliberation,” France concluded. “As unattractive as the idea of corporate federal bailouts can be to many Americans, including me, there appears to be no alternative. Federal aid is in the best interest of the entire country.”

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