Tester statement on auto bailout ‘no’ vote

Senator ‘wasn’t convinced’ multibillion-dollar bailout was right for Montana

  (WASHINGTON,
D.C.) – Senator Jon Tester released the following statement after voting last
night against a multibillion-dollar bailout for General Motors, Ford and
Chrysler:

"After hearing nine hours of testimony
during two committee hearings, I wasn't convinced that a taxpayer-funded
bailout for Detroit was the right thing to do for Montana.  I'd rather see
the Treasury Department use the funds it already has from the Wall Street
bailout before another bailout is passed.

"In order to ask Montanans to give their
tax dollars to the automakers, I needed to see a solid business plan, a
commitment to building more dependable, fuel-efficient vehicles, and a promise
not to use taxpayer money to expand operations in other countries.  But
those were not in the Senate bill, and that is why I opposed it.  No
one—not the CEOs, labor unions, or outside experts—could assure me this plan
would work.

"From miners to timber workers, many
folks in Montana are struggling.  Looking forward, I hope the Senate can
agree on a more sustainable plan to rebuild our nation's economy from the
ground up.  We'll do that by creating jobs that put middle-class families
to work rebuilding infrastructure which will support small businesses, and by
investing in education and renewable energy."

Tester
was one of 24 senators who voted against the $700 billion Wall Street bailout
in October.

Video
of Tester questioning the 'Big Three' CEOs during a Senate Banking Committee
hearing last week is available online HERE.