American Carriers Urge Financial Bailout

(Video: Reuters • Story: Today’s Trucking)



The Bush administration and Congress need to take quick and decisive action to ease the current financial crisis in the U.S., says the American Trucking Associations.

The country’s largest unified trucking lobby group urged Congress to quickly review and pass the Treasury Department’s $700 billion bailout proposal to rescue Wall Street and work with the Administration to approve a comprehensive plan to stabilize the U.S. financial system.

The bailout plan has been stalled by a group of Republicans. Instead, they proposed their own plan, which would force affected companies to buy premiums instead of having taxpayers foot the entire bill.

ATA President and CEO Bill Graves said the economy, including trucking companies of all sizes, would benefit if legislation to bring stability to the financial system can be agreed upon quickly.

“Without legislation, the credit crunch will continue to worsen for our members, making it difficult for even those carriers with good credit to receive funding for capital expenditures like trucks and other equipment,” Graves said. Read more here.