Buchanan Opposes Bailout for Automakers Says Ccompanies Failed to Restructure; Taxpayers at Risk
December 11, 2008
U.S. Rep. Vern Buchanan voted today against a proposed $15 billion government loan for auto manufacturers, calling it a bad deal for taxpayers because the companies failed to restructure their operations.
Buchanan said he was troubled at the prospect of putting taxpayers on the hook for yet another publicly financed bailout that would balloon the national debt without any guarantee of success. The automakers failed to develop a restructuring plan addressing their economic problems.
“How can we ask the American taxpayer to assume the risk when the companies and stakeholders in the automotive industry have failed to develop viable ...