U.S. Senator Lindsey Graham (R-South Carolina) made this statement on the auto bailout plan that passed by the House of Representatives yesterday. The plan is scheduled to come before the Senate in the next few days.
"I oppose the current auto bailout plan.
"Simply put, the model Detroit has created will not sustain itself in the global economy. They need to make significant, structural changes before they receive federal assistance and those changes should be made in the private sector.
"No one wants to see these companies fail and workers displaced. I feel for the car dealers and their employees who are being hurt by years of bad decisions made by the leadership of the Big 3. But I also realize that unless major, fundamental changes are made in the way the Big 3 operate, they will likely find themselves right back in the same situation.
"I will continue to be open to proposals which help return the auto companies to profitable enterprises and protect the taxpayer. The current plan does not meet those standards."