Sen. Blanche Lincoln (D-AR) Press Release on Bailout Vote

I’ve been so busy working to support our “Gang of 6“, Republican Senators who were willing to filibuster the “American Socialist Experiment Act”, I haven’t had time to closely examine exactly who voted for and who voted against the bill.  I was pleasantly surprised that my own Senator Blanche Lincoln (D-AR) voted against the destruction of our capitalist economic system.

Her press release detailing her reasons for voting against the bill follows:

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Lincoln: Big Three Automakers Still Lack Credible Plan

FOR IMMEDIATE RELEASE: December 12, 2008
Contact: Katie Laning (202)224-4843

Washington–U.S. Senator Blanche Lincoln (D-Ark.) Thursday voted against the auto bailoutbill, saying it would only commit more taxpayer dollars to a failed business plan.

Sen. Blanche Lincoln (D-AR)

“Further, when the car companies establish a credible plan for the future, we don’t have to throw new money at the problem,” Lincoln said.   “The Bush Administration has the authority now to offer assistance through the $700 billion Troubled Asset Relief Program (TARP) and the Federal Reserve’s direct loan authority.  While promising to help Main Street and American industry, the Bush Administration has failed to use TARP to benefit any institution off of Wall Street.  TARP funds should be the source for any auto relief, provided our domestic auto companies demonstrate reforms that will lead to sustainability.

“The leadership of General Motors, Chrysler, and Ford has failed to meet the competitive demands of a global economy and it will be up to them to create a business plan that is worthy of taxpayer assistance.  It is unfair to ask the American taxpayer to foot the bill for misguided business decisions.”

Lincoln said it is unrealistic to think this day would never come when American automakers have historically resisted multiple opportunities to compete in the emerging alternative fuel-powered vehicle market.  She noted that the 1908 Ford Model T got 25 miles to the gallon, better than many cars being manufactured in Detroit 100 years later.

“I greatly appreciate the important role our domestic auto manufacturers play in our economy and in our national security,” Lincoln said.  “However, we should only provide taxpayer assistance to these companies if there is a credible plan for their long-term viability.”

Lincoln said many American industries are hurting due to the economic crisis, including Arkansas agriculture producers who must wait until May 2009 for disaster assistance from crop losses in February 2008.

“Today, it’s the automakers on our radar, but Congress needs to stay mindful that this recession is deep and broad and there will be no quick fix,” Lincoln added.

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Kudos to Senator Lincoln for standing up to those who would see the USA become the USSA!