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General Motors

May 27, 2009

According to reports out today, General Motors is set for June 1 bankruptcy after receiving $19.4B in federal loans. What a blatant injustice to taxpayers. As I said on the Senate floor last November, “this auto bailout is yet another fundamental mistake. Not only will it not save the Big Three, it will actually doom them to failure.” With no real fundamental or substantive changes in these companies’ organizational structure, it was only a matter of time.

It’s insulting to taxpayers that we had to waste almost $20B to get to what we knew was needed last November. I will continue to fight for common sense policy and to protect the American taxpayers from additional bailouts.

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