BAILOUT TRAIN NOT LOSING STEAM, SAYS REP. TOM PRICE

REP. TOM PRICE ON LATEST GMAC BAILOUT:

"THE BAILOUT TRAIN IS CLEARLY NOT LOSING STEAM"

Republican Study Committee Chairman, Rep. Tom Price (R-GA), issued the following statement after the administration announced it was providing another bailout and taking larger ownership of GMAC:

“The bailout train is clearly not losing steam in Washington,” said Chairman Price. “It would be curious to learn with what money the administration plans to keep bailing out these private companies. The federal government should be releasing its grip on financial institutions, not buying more of them. This announcement reinforces the notion that, like with the extension of TARP, if you provide a bailout authority, the President will use it. The remarkable overstepping of authority, principle, and fiscal resources by this administration must end if we want to return to a stable marketplace in which investment and prosperity flourish. When Congress reconvenes, I call on Chairman Frank to hold prompt hearings so we may learn whether the administration has any exit strategy for this latest or any of their other continuing bailouts.”

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