Sen. Shelby (R-AL) releases statement about auto bailout …
“The plan the President announced today gives the taxpayer no upfront assurances that these companies will take the steps necessary to become efficient and competitive. In fact, the only assurance the taxpayer has is that these companies will be back for more money soon. It is unrealistic to think that companies who have failed to make tough choices over decades will get their act together now that they have received a down payment from the taxpayer.”
“Congress was wrong to grant the Administration the authority to bail out the financial industry through the TARP in the first place. The President is wrong to use this authority to bail out GM and Chrysler. Instead of pursuing the more responsible course to ensure that these companies restructure through Chapter 11 bankruptcy, the President chose to stick the taxpayer with the tab as he walks out the door. I believe it is a shameful attempt by the President to protect his own legacy. The taxpayer will surely remember him for it.”
