Coleman will not support auto industry bailout
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Sen. Norm Coleman, R-Minn., said he will not support a proposed $25 billion bailout for the auto industry.
Coleman said the Senate bill, as written, does not include provisions that would protect taxpayers.
"I do see that as giving unconditional dollars to the auto industry, without the necessary safeguards and necessary fiscal controls, and most importantly, without the necessary demonstration of viability. I'm concerned if we had to give $25 or $50 billion today, that in six months we may need to give another $25 to $50 billion," Coleman said.
Coleman said he would work with his colleagues on a compromise bill that would include a long-term plan for profitability.
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He said he was concerned about matters ranging from golden parachutes for executives to the so-called "legacy costs" of retiree healthcare.
Both Coleman and Sen. Amy Klobuchar, D-Minn., met separately on Tuesday with an executive with the Ford Motor Company.
Coleman said he hopes the St. Paul plant can get into the business of producing fuel-efficient vehicles, but he said he didn't receive any commitments on that.
The Ranger plant in St. Paul is expected to remain open until 2011.
