Auto Industry Financing and Restructuring Act – H.R. 7321

Once again Congress is rushing headlong into a bailout of massive proportions without adequately researching the root cause and finding a proper solution to the problem.

Democrats drafted a bill that doesn’t fully fix the problem. A $14 billion dollar band aid is being applied to the UAW and their Automakers with the blessing of the White House.

The band aid is not quite big enough and the Automakers are still in jeopardy of bleeding to death and filing for bankruptcy.

A vote was held and the resolution passed through the house with a large majority 237-170. Mostly along party lines. Thirty Republicans voted for the bill. Mostly Republicans heavy in the auto industry.

In Florida, both Congressman Jeff Miller(R) and Congressman Allen Boyd(D) voted against the latest free handout.

Even though the bill passed the house it faces some opposition in the Senate and may be stalled.

Some Republicans threatened to block the House Democrats’ plan and a revised Senate version from coming up, saying a so- called auto czar created by the legislation wouldn’t have enough authority to enforce cost cuts at the automakers.

“This proposal isn’t nearly tough enough,” Senate Republican Leader Mitch McConnell, a Kentucky Republican, said on the Senate floor. “We simply cannot ask the American taxpayer to subsidize failure.” – Bloomberg

We have already subsidized failure enough. If we continue with this bailout, where will the free flow of money stop and where will all of this money that is flowing come from?

Thank you Congressman Boyd and Congressman Miller for standing up to do the right thing by voting “No” and not spending our money on a wasteful idea.

Let the automakers file for bankruptcy as many other citizens and businesses must do during tough times. Then, once they have straightened things out, offer those low cost loans. We would stand a better chance of them being paid back.



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