Voinovich backs auto bailout

U.S. Sen. George Voinovich (R-Cleveland) has come out in support of a bailout of for the auto industry.

Voinovich, who will likely run for reelection in 2010, will join both Democratic senators from Michigan in writing to their senate colleagues asking them to make auto companies eligible for some of the $700 billion in the bailout package passed earlier this year.  

Voinovich spokesperson Chris Paulitz said Voinovich hasn’t seen draft legislation being created by Democrats, but does support the idea that automakers should be eligible for assistance. The amount being considered is about $25 billion, Paulitz said. When asked why Voinovich wants to make bailout money aimed for financial institutions available for automakers, Paulitz said because the bailout’s real purpose was to help Main Street and this would further that goal.

“We can’t think of a better way to use this money that to ensure that it goes to Main Street not Wall Street than to help shore up companies that directly and indirectly employ over a million people in Ohio,” he said.

Earlier this year, Voinovich supported $25 billion in tax extenders for automakers to be used for building alternative-fuel vehicles.

Voinovich co-chairs the Senate Auto Caucus with U.S. Sen. Carl Levin (D-Mich.)