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Republicans To Bush: No TARP For Detroit

Seven conservative Republican senators urged President Bush today not to use money earmarked -- in the generic sense, at least -- for the financial sector to fund an auto-industry bailout. The request follows a plea yesterday from House Republicans calling on Bush to similarly lay off the TARP funds.

"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," write the senators.

The letters after the jump...
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