PRESIDENT DEFENDED SUBSIDIES IN QUESTION ON LOAN GUARANTEE FOR FAILED SOLYNDRA

WASHINGTON, OCT. 6, 2011 -- “If President Obama believes that we should borrow billions of dollars from China to subsidize American businesses trying to compete with China then he doesn’t understand this country’s economic system.  We should invest in and provide incentives to companies that can exploit our competitive advantages in technology and innovation, utilizing our strengths in taking on China and other nations in the global market, and not subsidize industries when these other nations have cheaper labor, no environmental or safety standards, less regulation, and easy access to raw materials.  We should not be picking winners and losers, which is a fundamental flaw in his stimulus scheme.”