Essentially he posits that since the auto industry bailout/loans are coming out of funds already appropriated wither from the TARP fund or the Department of Energy loans for green retooling, anyone saying that they are trying to save the taxpayers money by denying the loans full of crap.
Lord knows there'll be more accountability, and has already been more thought and study in this decision than the money Wall Street burned through. This is one of the few lawmakers with an "R" after their name who wasn't just using these hearings as a way to break the UAW.
Democrats want the White House to tap an already approved
700-billion-dollar finance industry bailout known as the Troubled
Assets Relief Program (TARP) to rescue the auto firms.
Bush administration insists the money should come from diverting 25
billion dollars in loans to the industry designed to spur development
of fuel-efficient vehicles.
Republican Thaddeus McCotter broached
a compromise, which would take half of the 34 billion dollars from the
financial bailout and half from the previous auto industry loan.
He warned the failure of the auto firms could take out millions of jobs in related industries.
"That is not a ripple effect, that is a tsunami effect in these critical times."
Nice to see McCotter's practicing what he preached, and that there's at least one conservative out there who is showing that Republicans are "free to start thinking again."