Washington, D.C. - Congressman Kevin Brady (R- Texas) released the following statement after reviewing the details of President Bush’s plan to issue short-term loans to U.S. Automakers:

“I know the President felt he needed to act but there are a lot of reasons to be disappointed in this plan. I'm convinced the White House missed a perfect opportunity -- short of a structured bankruptcy -- to gain immediate concessions from all sides to reshape the American auto industry for the future. With so many solid customers finding it impossible to get approved for a car note right now, the White House could be more helpful by increasing credit for the credit worthy.

“I hope I'm wrong, but more than likely this will lead to more massive bail outs in the future that don’t fix the underlying problems.”