Oklahoma senators oppose bid for bailout
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[December 13, 2008]

Oklahoma senators oppose bid for bailout

(Daily Oklahoman, The Via Acquire Media NewsEdge) Dec. 13--WASHINGTON -- Oklahoma's senators said Friday they didn't want the Bush administration to use financial industry bailout money to stave off bankruptcy for American automakers.

Sen. Jim Inhofe, R-Tulsa, said it was clear that Washington "might be completely out of control."

And Sen. Tom Coburn, R-Muskogee, said it was a mistake to use the credit crisis bailout money to protect the automakers from bankruptcy since every industry struggling in a weak economy could now request similar help.

"We're in tough economic times," Coburn said. "We can't bail everybody out."

Both of the senators voted against a procedural motion late Thursday to keep alive a bill that could be used for giving loans to General Motors, Chrysler and Ford.

And Inhofe said Treasury Secretary Henry Paulson would in effect be ignoring the result of the democratic process by providing loan money to automakers after Congress failed to do so.

He said it was debatable whether or not it was irresponsible to let the automakers file for bankruptcy.

"What is not debatable is how irresponsible the Washington bailout mania has become," he said.



Four from state vote against House plan

Inhofe and Coburn expressed support for a proposal by Sen. Bob Corker, R-Tenn., that would require the auto companies to reduce their debt dramatically and force workers to accept wages more comparable to American workers for Japanese auto companies.



Coburn said the Corker plan was similar to what a bankruptcy judge should do to help the companies restructure and stay alive.

Earlier this week, Oklahoma's four Republican House members voted against a bailout plan for the automakers, while the lone Democrat in the delegation, Rep. Dan Boren of Muskogee, voted for it.

To see more of The Oklahoman, or to subscribe to the newspaper, go to http://www.newsok.com.
Copyright (c) 2008, The Oklahoman, Oklahoma City
Distributed by McClatchy-Tribune Information Services.
For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

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