“There are many principled reasons to oppose this bill," said Senate Minority Leader Mitch McConnell in a statement today.
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McConnell said this bailout was unlike the Wall Street "rescue" because "extraordinary" action was required to safeguard the financial markets. This is not the case with the Democrats' plans for the Big Three, he said. On top of that, McConnell believes there aren't enough taxpayer protections and vigorously disagrees with the creation of a "car czar" who would have "nearly unlimited power to allocate taxpayer dollars but limited ability to force the kinds of tough concessions that long-term viability would require."
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