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Garrett Reacts to TARP Money Auto Bailout
Washington,
Dec 19, 2008 -
Rep. Scott Garrett (R-NJ) released an official statement today on the use of TARP money to bail out selected auto manufacturers:
“With his use of the TARP money to bail out GM and Chrysler, President Bush has placed the American taxpayers on the hook for a plan that’s not finalized – we have been given no specifics as to how these auto manufacturers will revise their business models to sufficiently restructure their companies in order to regain profitability, yet we are providing them with access to taxpayer dollars. Congress did an inadequate job of exhausting all options available to protect and preserve the auto industry and American manufacturing before turning to the American people for a handout.
“By circumventing Congress to move forward with this TARP bailout, the current Administration is simply kicking the proverbial can down the road for the next Administration to make the tough decisions when it comes to how these businesses should be restructured for success. This action also raises the issue of what the proper role of the federal government is in relation to the private sector. I am very concerned that the government is yet again picking winners and losers in business, which sets a dangerous precedent for the future.”
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