Bilbray Reacts to the Automaker Bailout Proposal

and TARP GAO Report

(Washington D.C.)- Rep. Brian Bilbray, a member of the House Committee on Oversight and Government Reform, released the following statement regarding the requests from our nation’s automakers for a $34 billion bailout and the Government Accountability Office (GAO) report detailing the Administration’s failure to properly oversee the $700 billion bailout Troubled Assets Relief Program (TARP):

“Last week, our nation’s automakers wanted a $25 billion bailout – this week, its $34 billion.  Government picking winners and losers is a slippery slope.  While I am not universally opposed to government intervention, we must ensure that any further proposals protect taxpayer interests, hold industry accountable and stimulate the economy.

“As the GAO has clearly stated, the adoption of a spend first ask questions last policy has jeopardized the interests of taxpayers and compromised the objectives of the TARP program.  Oversight and transparency must be more than an afterthought when we’re talking about taxpayer dollars.”

From the GAO Report:

“…there is a heightened risk that the interests of the government and taxpayers may not be adequately protected and that the program objectives may not be achieved in an efficient and effective manner.”  

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