ATA Urges Approval of Treasury Financial Plan

American Trucking Associations urged quick government review and approval of a comprehensive, estimated $700 billion plan by the Treasury Department to buy bad loans from financial institutions.

Republicans and Democrats were wrangling over a details of a bailout plan for the troubled U.S. financial industry Friday, news services reported.

ATA President Bill Graves said the entire U.S. economy, including trucking companies, will be helped by steps to stabilize the financial system.

“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 in a statement.

“Legislation such as the Treasury’s plan will prevent the economy from falling further than it would without legislation,” added ATA Chief Economist Bob Costello.