Published: 11-17-08
Says Taxpayers Demand Real Reforms & Accountability From Washington
WASHINGTON—U.S. Sen. John Cornyn R-Texas a member of the Senate Budget Committee made the following statement regarding today’s announcement by Senate Democratic Leader Harry Reid that he will seek Senate passage next week of a $25 billion bailout for the U.S. auto industry.
Senator Reid’s support for this latest government bailout comes on the heels of yesterday’s announcement from the Treasury Department that the federal government has a record deficit of $237.2 billion for the first month of the fiscal year. This represents the highest monthly imbalance on record.
“Like the vast majority of Americans I support a strong productive domestic auto industry. I would like to see it remain a viable part of our economy particularly as we work to protect our environment. But also like most Americans who are concerned about the direction of our economy and more federal spending I must also ask – when is enough enough?
“The federal government is facing a record budget deficit which continues to rise. The reckless and perhaps illegal actions of some on Wall Street have forced us to pass a $700 billion economic stabilization bill to save Main Street businesses. The Federal Reserve has made an additional $2 trillion in taxpayer-funded loans to troubled financial institutions but has refused to submit to even the most modest level of transparency.
“And yet with the very first vote after the election Democratic leaders in Congress want to pass a $25 billion handout to Detroit with no promises of reform accountability or transparency by the automakers and their union base. This is bad public policy and an affront to taxpayers who are demanding fiscal responsibility and accountability from their government.
“It’s time for both parties to work together to control government spending and impose some fiscal discipline in Washington. Unfortunately this ill-conceived proposal takes us in the wrong economic direction instead of the right one.”
