Washington, D.C. – Rep. Tom Price (GA-06-R) issued the following statement after President Bush announced the Troubled Asset Relief Program (TARP) will be used to bailout failing automobile companies. The administration will provide $13.4 billion in TARP funds to auto manufacturers who have demonstrated a dire need for legal restructuring.

“It is deeply disappointing that the administration has chosen to use taxpayer dollars to delay the inevitable need to fundamentally restructure these companies,” said Rep. Price. “By bailing out automakers without real reform or long-term solutions, we are only protracting uncertainty and putting billions of tax dollars at grave risk.”

“It is now clear that the creation of TARP was a rueful mistake which has failed to provide urgent market stability, yet has put our country perilously in debt for the foreseeable future. Americans are sick and tired of working hard only to have their tax dollars sent to prop up failing enterprises. As it has always been, the best solution for any troubled company is to enter the tried and true reorganization process already afforded by law. Domestic auto companies can lead a vibrant and proud American manufacturing base again, but it will require concessions from all stakeholders and a renewed appreciation and respect for taxpayers.”