Coburn, Senators Oppose Automaker Bailout

Oklahoma U.S. Sen. Tom Coburn joined five other GOP senators opposing the use of government cash to bail out auto makers.
Coburn joined Jim DeMint, R-South Carolina, Jeff Sessions, R-Alabama, John Ensign, R-Nevada, John Cornyn, R-Texas, Mike Enzi, R-Wyoming and Saxby Chambliss, R-Georgia, to writing President George Bush, stating their strong opposition to using TARP funds to bailout auto makers.
“We are writing to urge you not to use Troubled Asset Relief Program (TARP) funds to bail out the automobile industry,” the letter said.
Last week, the Senate rejected a legislative bailout after the United Auto Workers union refused to agree to changes necessary to help the Big Three automakers become competitive.
News reports indicate the Bush administration is considering providing TARP funds to the automakers without requiring the UAW and the automakers to make sufficient reforms.
“Absent such restructuring, we do not believe any amount of money will succeed in saving these companies,” the senators wrote.

Was this article helpful?

Related Articles

Leave A Comment?