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Gingrey Opposes Administration's Decision To Bail Out The Big 3

Statement

Date: Dec. 19, 2008
Location: Washington, DC
Issues: Finance and Banking Economy and Fiscal

U.S. Congressman Phil Gingrey, MD made the following statement in Response to the Administration's decision to bail out the Big 3 automakers using TARP money.

"While our domestic auto manufacturers are struggling, a bailout is not the solution. This bailout will not fix the underlying problems ailing the industry by failing to guarantee the restructuring necessary to make the Big 3 viable again. Chapter 11 would put these companies on better footing without jeopardizing taxpayer dollars. Delta right here in Atlanta is a great example of a company who has gone through Chapter 11 to come out a more competitive and viable company in the long run. If these bailouts continue, then the Democratically controlled Congress and Obama White House will be seeking another bailout--this time for the federal government in the form of a massive tax increase on Americans."


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