Sen. John Ensign (R-Nev.) announced today that he will work to block the bailout legislation for the Big 3 automakers and the UAW union. As the head of the Republican campaign committee, Ensign knows how badly the Wall Street bailout hurt Republicans in the November elections.
Conservatives should expect the President to cave and support some version of a bailout. The White House prefers to have the automakers fail sometime after the President leaves office, even if it costs taxpayers more money and costs Detroit more jobs. But it’s still not clear what position Senate Republicans will take. If there was ever a time to oppose the President and go their own way, this is it.
Sen. Ensign’s courageous decision is a positive sign. He was recently elected to head the Republican Policy Committee and his opposition to the auto bailout holds significant weight.
Senate conservatives are set to announce their plans to stop the bill at a press conference on Wednesday. They are going to buy some time so Americans can make their voices heard. Government bailouts have become commonplace in Washington and it’s time for Americans to demand change we can all believe in.
Senator Tom Coburn, an Oklahoma Republican, would support an effort to filibuster the bill, his spokesman said earlier today. “He believes it’s naive to trust Congress to manage the auto industry when it can’t manage itself,” said Coburn spokesman John Hart.
But what should be done is a set of demands in trade for the bailout, Corporate Tax Cuts all around, and a 50% cut in the Capital Gains Tax. Those two things would turn the economy around.
Instead this fluster of a filibuster does nothing. The best case scenario is the Bailout buys the big 3 6mths so they will declare bankruptcy under the Obama administration putting Millions out of work.
This may happen no matter what. The UAW will not budge on concessions which means death to the big 3.
But the leverage that could be gotten from the right to allow this debacle to go ahead could save the rest of the economy but the leadership of the Republican party are enjoying the view from inside their bowels instead.