Louisiana’s Congressional delegation is largely opposed to a multi-billion dollar no-strings attached bailout for Detroit automakers. Congress is considering a proposed $25 billion in loans for the Big Three - Ford, General Motors and Chrysler - to stave off mass cuts and layoffs from the financially-struggling manufacturers.
The Advocate reports today that six of the state’s nine Congressional members oppose the bailout in its current form, which puts virtually no stipulations or conditions on the loans. U.S. Sen. David Vitter and Congressmen Steve Scalise, Jim McCrery, Charles Boustany and Rodney Alexander say they are against the plan. Sen. Mary Landrieu, along with Congressmen Charlie Melancon and Don Cazayoux, say they are still weighing the proposal.
Speaking on the Senate floor yesterday, Sen. David Vitter, who was also a staunch opponent of the $700 billion bailout of the financial industry which passed in October, says Congress is becoming infected with “bailout fever” and “bailout mania.”
“Of course, no one wants to see these storied companies fail,” Vitter said. “But this $25 billion will actually guarantee their demise. With no real fundamental or substantive changes in these companies’ organization structure, Congress will be forced to revisit additional bailouts for automakers as early as six months from now.”