Vitter Stands Against Auto Bailout In Senate Floor Speech

(Washington, D.C.) – U.S. Sen. David Vitter today voiced his opposition to what he called an “ever-widening intrusion on the free market” during a speech on the Senate Floor.

“On September 29th, I expressed my strong opposition to the Treasury’s Wall Street bailout plan because it would pave the way for even more bailouts by the federal government – and clearly it has. Even within that original Wall Street bailout program, we’ve moved from the original plan A to plans B and C.

“This auto bailout is yet another fundamental mistake. Not only will it not save the Big Three, it will actually doom them to failure.

“Of course, no one wants to see these storied companies fail. But this $25 billion will actually guarantee their demise. With no real fundamental or substantive changes in these companies’ organizational structure, Congress will be forced to revisit additional bailouts for automakers as early as six months from now.

“And the alternative proposed by the White House and some Republican leaders in Congress is further encouraging bailout mania by trying to achieve the same goals as the Democrat plan by simply taking the money from another pot without demanding truly fundamental restructuring.

“If we’ve learned anything, it’s that blank checks and bailouts on the backs of the American taxpayer do anything but solve the problem. Taxpayer dollars should be married to fundamental reform. Otherwise, this bailout will just put off the day of reckoning by a few months,” Vitter said.