Isakson to President Bush: Do Not Give Auto Industry Access to Treasury Funds

“˜We Must Not Put the American Taxpayer in the Untenable Position of Being an Unsecured Creditor to the Automakers.”

Dec 17, 2008

WASHINGTON - U.S. Senator Johnny Isakson, R-Ga., today voiced his strong opposition to giving the auto industry access to funds from the Troubled Asset Relief Program that was authorized by Congress in the Emergency Economic Stabilization Act.

The text of Isakson’s letter to President Bush is below:

December 17, 2008

Dear Mr. President,

I am writing today to express my strong opposition to giving the auto industry funds from the Troubled Asset Relief Program (TARP).

Last week, after great deliberation and negotiation, the Senate rejected bailing out the auto industry because of the failure to agree on concessions necessary for the Detroit automakers to remain viable. We must not put the American taxpayers in the untenable position of being an unsecured creditor to the automakers.

When Congress approved the Troubled Asset Relief Program, we did so with the intent that these funds would be used for the purpose of easing the credit markets for all Americans in all sectors of the economy. Any proposal to use those funds to bail out one struggling industry would betray the original intent of the Troubled Asset Relief Program.

Sincerely,
Johnny Isakson United States Senator