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"Allowing the auto companies to collapse is not a responsible course of action," President Bush said. He said that a bankruptcy was unlikely to work for the auto industry at this time and would deal "an unacceptably painful blow to hardworking Americans" across the economy.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

Jim DeMint Statement on President’s Auto Bailout:

U.S. Senator Jim DeMint (R-South Carolina) made the following statement regarding President Bush’s bailout of the automotive industry.

“This decision is disappointing. While the bailout may provide a short-term boost to three companies, it will not force them to fundamentally improve their operations and become competitive in the long-term. This decision, I am sad to say, runs counter the interests of American taxpayers, American consumers and the American auto industry,” said Senator DeMint.

“I also believe this action is unconstitutional. The Executive Branch must have the consent of Congress to appropriate taxpayer funds. Yet the bailout legislation passed earlier this year does not permit the Administration to use taxpayer money in this way, and Congress rejected the auto bailout when it was brought up for a vote last week.”

“Washington has expanded its control over our economy and the American people want government bailouts to end. These policies reward failure and punish success, and they will make the economic downturn longer and more painful. No one wants people to lose their jobs, but government bailouts prevent the kind of restructuring needed to generate real economic growth and save jobs in the long term.”

“While the outcome of this debate is disappointing, the response from people in South Carolina and across the country is encouraging. Americans know bailouts are bad for them and bad for our economy, and I am confident they will ultimately demand that Washington change course.”

“Freedom is not the problem; it is the solution. If we rededicate ourselves to the market principles that built our economy, we will meet our economic challenges and build a stronger America.”