Washington, D.C. — In an interview with KVML News 19th District Congressman George Radanovich emphatically stated that he has voted no on the proposed $15 billion bailout plan for the auto industry.
Radanovich stated, “Unfortunately the bill that passed starts the ball rolling down a very slippery slope. When the government is picking industry winners and losers by throwing money at them instead of letting the private market work the consumers lose. It is particularly concerning that the government is not expecting much of anything in return. We are setting a dangerous precedent that invites every other industry in the country to come to Congress with their hands out looking for taxpayer money and I refuse to help facilitate that.”
Radanovich added, “The Big Three have had a failing business plan for years and are in need of significant restructuring particularly regarding their contracts with the unions. Without any guarantee of significant reforms, which this legislation does not offer, I am afraid that the Congress is about to make a bad investment on bahalf of the American taxpayers.”
H.R. 7321 provides up to $14 billion of loans to U.S. automaker. The legislation makes this money available by tapping $7.01 billion previously appropriated for the “green car” fund as part of the FY2009 continuing resolution. None of the funding under the legislation comes from the Troubled Assets Relief Program (TARP) created by the Emergency Economic Stalilization Act.
Written by Bill Johnson