Seven Republican senators signed a letter sent to President Bush on Tuesday, urging him not to use Troubled Asset Relief Program (TARP) funds in a bailout of U.S. automakers.
The senators wrote that absent restructuring, they "do not believe any amount of money will succeed in saving these companies."
The letter was sent by Senators Jim DeMint (R-South Carolina), Jeff Sessions (R-Alabama), John Ensign (R-Nevada), Tom Coburn (R-Oklahoma), John Cornyn (R-Texas), Mike Enzi (R-Wyoming) and Saxby Chambliss (R-Georgia).
Read it in full below:
December 16, 2008
Dear Mr. President,
We are writing to urge you not to use Troubled Asset Relief Program (TARP) funds to bail out the automobile industry. Last week, the Senate rejected a legislative bailout after the United Auto Workers (UAW) union refused to agree to changes necessary to help the Big Three automakers become competitive. According to news accounts, your Administration is considering providing TARP funds to the automakers without requiring the UAW and the automakers to make sufficient reforms. Absent such restructuring, we do not believe any amount of money will succeed in saving these companies.