Late last night, U.S. Senator Mel Martinez (R-FL) voted to protect taxpayers from an auto bailout plan that would have spent $14 billion dollars without assurances the auto industry is prepared to take steps necessary to survive. The auto bailout measure brought before the Senate failed on a procedural vote, 52 to 35.
"This plan was essentially a cash infusion that would have served as a bridge to future infusions," said Senator Martinez, a member of the Senate Banking Committee. "The government ought to be helpful but we need a plan that brings viability to the auto industry without further government help."
Senator Martinez backed an alternative plan crafted by Senator Bob Corker (R-TN) that would have allowed auto companies to reduce their debt and brought wages in line with competing automakers.