‘How many times do the taxpayers have to provide bailout money on the promise of reform?’
WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following statement Monday in response to the administration’s auto bailout plan:
“In spite of tens of billions of taxpayer dollars and many promises to reform the way they do business, it’s clear that management, unions and investors have not yet produced viable plans that would allow the companies to survive without massive infusions of taxpayer dollars. This is a disappointment: How many times do the taxpayers have to provide bailout money on the promise of reform?
“We are now told these two companies are getting their last check from the taxpayers, and that if they don't finally come up with truly viable plans then they'll be forced into bankruptcy. Unfortunately, we've heard this before, from both this and the previous administrations.
“Republicans in Congress called for true reform before bailouts last year; automakers were given billions instead. Republicans said that taxpayer money set aside to strengthen the economy by preserving the flow of credit shouldn’t be used for bailouts of individual businesses and unions; it was doled out anyway. And Republicans called for an end to funding enterprises that refused to demand reform from management, labor and investors; each refused. The administration says these reforms must now be taken seriously or the taxpayer bailouts will end. While that should have happened tens of billions of dollars ago, we agree that it’s time to get serious.”
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WASHINGTON, D.C. - U.S. Senate Republican Leader Mitch McConnell made the following statement Monday in response to the administration’s auto bailout plan:
“In spite of tens of billions of taxpayer dollars and many promises to reform the way they do business, it’s clear that management, unions and investors have not yet produced viable plans that would allow the companies to survive without massive infusions of taxpayer dollars. This is a disappointment: How many times do the taxpayers have to provide bailout money on the promise of reform?
“We are now told these two companies are getting their last check from the taxpayers, and that if they don't finally come up with truly viable plans then they'll be forced into bankruptcy. Unfortunately, we've heard this before, from both this and the previous administrations.
“Republicans in Congress called for true reform before bailouts last year; automakers were given billions instead. Republicans said that taxpayer money set aside to strengthen the economy by preserving the flow of credit shouldn’t be used for bailouts of individual businesses and unions; it was doled out anyway. And Republicans called for an end to funding enterprises that refused to demand reform from management, labor and investors; each refused. The administration says these reforms must now be taken seriously or the taxpayer bailouts will end. While that should have happened tens of billions of dollars ago, we agree that it’s time to get serious.”
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