[StBernard] Protecting Taxpayers From Growing Bailouts

[Westley Annis]

Dear Friend,

	

Like many of you that have written to me to voice your concerns about using
taxpayer money for bailouts, I too have serious issues
<http://src.senate.gov/public/_files/television/vitter_dec10.ram>  with the
latest proposed bailout - this time for the Big Three U.S. automakers.  This
week, the House passed a bailout package that would provide these companies
with $14 billion in taxpayer dollars to help keep them afloat for the next
few months.

	

After reviewing the merits of this proposed package, I have reached what is
for me a clear and inescapable conclusion: I cannot support this general
bailout.  Instead of bringing about the real and dramatic restructuring that
is needed to get these companies back on track, this plan will instead doom
them to failure.

	

This plan amounts to little more than a $14 billion promise from these auto
companies to provide a detailed restructuring plan that is yet to come.  I
will demand a fair and open amendment process, and I am using every
procedural tool available to delay and block the measure as it presently
stands.

	

In no way do I mean to trivialize or minimize in any way the impact that the
failure of these companies will have on thousands of American workers and
their families.  I oppose this plan not in spite of those that will suffer
if these companies do fail.  I oppose this plan because of that suffering,
because I believe that another bailout will guarantee that these giants will
fall.

	

This is certainly brought home in Northwest Louisiana where we have a large
GM plant employing thousands of local residents.  I am very aware of the
positive impact of that plant, and I am also aware of the auto dealers,
service shops and other businesses that depend on these companies.  The
bottom line is that this $14 billion bridge loan is not going to solve these
problems, though.  Only through real, dramatic restructuring can we restore
these companies to prosperity.

 

Sincerely,

David Vitter
U.S. Senator