McConnell Opposes Auto Bailout

Amanda Carpenter | December 11, 2008 12:28 PM

This is welcome news from GOP Senate Leadership.

“There are many principled reasons to oppose this bill," said Senate Minority Leader Mitch McConnell in a statement today.

"But the simplest one is also the best: ‘a government big enough to give us everything we want is a government big enough to take everything we have.’ This is as true for individuals as it is for business. It’s the primary principle on which American industry, including the auto industry, was built. And even in turbulent moments like this — perhaps especially at moments like this — it’s a principle well worth defending."

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."