CBS "Early Show" - Transcript

Interview

CBS "Early Show" - Transcript

CBS "EARLY SHOW" INTERVIEW WITH SENATOR DAVID VITTER (R-LA) INTERVIEWER: MAGGIE RODRIGUEZ

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MS. RODRIGUEZ: The controversial $14 billion rescue package for U.S. automakers has cleared one hurdle but now faces an even bigger obstacle. It passed in the House last night by a vote of 237-170. But in the Senate, it could be a different story. Republican senators like David Vitter of Louisiana say taxpayer money should not be spent before the industry makes changes.

SEN. VITTER: (From videotape.) I think the average American would say, "What? Isn't that putting the cart before the horse? Isn't that," to use a common phrase, "just ass-backwards?"

SEN. VITTER: Senator Vitter joins us this morning from Washington.

Good morning, Senator.

SEN. VITTER: Good morning, Maggie. Great to be with you.

MS. RODRIGUEZ: Thank you. We're guessing from your comments there that if this came up for a vote, you would vote against it. But will it even get to that point? Because there are reports that you and some of your other Republican colleagues will filibuster, that you'll delay this from even going to a vote. Will you go that far?

SEN. VITTER: Well, there'd certainly be a cloture vote. In other words, 60 votes would be required to pass this and proceed. So there'll certainly be that vote, probably starting tomorrow morning.

MS. RODRIGUEZ: But what is it that you're opposed to here? What is your biggest objection?

SEN. VITTER: I'm opposed, as your segment said, to putting the cart before the horse, to giving them $14 billion before we see a detailed plan that proves they can be viable. We're giving them $14 billion under this plan for them to go to the table, to go to the negotiating table, and to begin to work out such a plan. I think that is putting the cart before the horse and isn't responsible in terms of taxpayer dollars.

MS. RODRIGUEZ: But what if, as planned, this car czar would be appointed, someone agreed upon by both the outgoing and the incoming administration --

SEN. VITTER: Right.

MS. RODRIGUEZ: -- and this person would have the power to force them into bankruptcy, yank the money if they didn't see potential for long-term viability? Wouldn't that be fair?

SEN. VITTER: Well, I don't know who this car czar might be. I have no confidence in that person.

MS. RODRIGUEZ: It could be Paul Volcker. Would you think that would be a good choice?

SEN. VITTER: I have no confidence in the person because he or she hasn't been named yet. So I can't responsibly vote for $14 billion based on a, quite frankly, very weak position, this car czar, who hasn't even been appointed yet.

MS. RODRIGUEZ: Former Federal Reserve Chairman Paul Volcker is a name that's been thrown out. If it were him, would you -- so would you approve this if you had --

SEN. VITTER: That would not give me a huge amount of confidence. I'll be honest with you.

MS. RODRIGUEZ: Why not?

SEN. VITTER: Just because I would like to see, before I vote on $14 billion of taxpayer dollars, what the plan is, at least in outline, and at least nail down those particulars. We need to see the commitment to bring down labor costs to be competitive with folks like Toyota and Honda. We need to see the commitment to bring down what bond-holders will get for their bonds so that this infusion of taxpayer dollars isn't just a bonanza for them. And we need to see very concrete commitment to a new management structure at the companies.

MS. RODRIGUEZ: All right, Senator David Vitter, thanks for your time this morning.

SEN. VITTER: Thanks very much, Maggie.

END.

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