Late last night, the Republican minority in the Senate managed to scuttle the $14 billion subsidy for our auto industry.Republicans leaders said they want the U.S. auto industry to survive and thrive, but they also insist that a multi-billion-dollar taxpayer loan is not the only option. There’s also federal bankruptcy protection.
Senate Republican leader Mitch McConnell (Ky.)said the plan’s greatest flaw is “that it promises taxpayer money today for reforms that may or may not come tomorrow. And we would not be serving the American taxpayer well if we spent their hard-earned money without knowing with certainty that their investment would result in stronger, leaner auto companies that would not need additional taxpayer help just a few months or weeks down the road.”
“We simply cannot ask the American taxpayer to subsidize failure,” McConnell added.
Thank goodness. We're safe from this brand of socialism at least until the new year...
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