Congresswoman Ileana Ros-Lehtinen issued the following statement after voting NO' on the bailout package for the automotive industry:
"As the country continues to face an uncertain economic future, government must act with the same fiscal responsibility currently required of millions of small-businesses and middle-class families across the country.
I voted NO' on this bailout for three important reasons:
I do not trust the money of the American taxpayer in the hands of the same management team that got us into this mess
If private investors do not believe that the Big 3 are worth salvaging with their own money, then the federal government should not pony up the taxpayers' money
The restructuring plans of the Big 3 and the bill lack accountability and we have no guarantees that once they get the taxpayer money, the restructuring they promised will occur
In my home district of South Florida, unemployment is on the rise, foreclosures are rampant, and our thriving tourist economy is quickly spiraling downward. We need to address the root causes of our economic situationmost notably volatility in the housing market and access to creditbefore we should consider shouldering any additional financial commitments.
I have a great appreciation for the hard-working men and women of our country's automobile industry and hope that we can work with all to help carmakers better equip themselves to meet the needs of the 21st century consumer.