Seven Republican Senators have sent a letter to President Bush asking that he not use funds from the $700 billion economic rescue program to bailout struggling automakers. A deal to provide assistance to the companies was expected today from the White House and U.S. Treasury, but it appears that has been delayed as negotiators continue working out the details.
The Crypt provides a full copy of the letter:
December 16, 2008
Dear Mr. President,
We are writing to urge you not to use Troubled Asset Relief Program (TARP) funds to bail out the automobile industry. Last week, the Senate rejected a legislative bailout after the United Auto Workers (UAW) union refused to agree to changes necessary to help the Big Three automakers become competitive. According to news accounts, your Administration is considering providing TARP funds to the automakers without requiring the UAW and the automakers to make sufficient reforms. Absent such restructuring, we do not believe any amount of money will succeed in saving these companies.