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By blocking the loans to the Big 3 automakers, the Senate Republicans have given us their final farewell gesture. A fitting one too considering what they have done over the past 8 years.
Consider that when George Bush and the Republicans took over in Congress in 2000 that the Federal budget was BALANCED. Even more than balanced - it was running a surplus and we were paying down the Fed deficit.
In 8 short years they turned a $5 trillion deficit into an $11 trillion debt that our children's children's children will be saddled with. And not a word from the Republicans about fiscal responsibility.
They initiated a war in Iraq and testified before Congress that it would be paid for by oil revenues from Iraq. The Bush administration testified before Congress that the total bill to the US taxpayers would only amount to $1.8 billion for the entire war effort. $1 trillion dollars later we're still pouring billions down that rat hole. And not a word from the Republicans about fiscal responsibility.
What about that $9 billion dollars that was earmarked by Congress to go for reconstruction in Iraq? Remember that? It went missing - no one knows where it went. And not a word from the Republicans about fiscal responsibility.
What about the tens of billions that went to Haliburton to provide services in Iraq in no-compete contracts? They couldn't justify the exorbitant rates they were charging and we continued to throw money at them. And not a word from the Republicans about fiscal responsibility.
When they set up the Dept. of Homeland Security the Department took billions and billions of taxpayer dollars and spent it on things like a $200,000 bomb-dismantling robot that Grand Forks, ND received. The commission that investigated 9/11 said the Dept. was in a "free-for-all over money" that had nothing to do with homeland security. Just lots of loot for their political cronies. And not a word from the Republicans about fiscal responsibility.
When the markets started to free fall they said we needed to act and we needed to act today. They didn't really have the details in mind - in fact the "plan" on how to spent this enormous amount of money changed on a weekly basis. All we knew was that we had to spend it (right now) and that we shouldn't ask too many questions. One question that might have been asked is how is it that Wall Street is in such dire straits when only LAST YEAR they paid out $32 BILLION in bonuses. And not a word from the Republicans about fiscal responsibility.
So now we come to the auto industry. 3 million people whose jobs are connected to the industry are looking for some help from the Feds. Loans to help them through a time while they restructure. Didn't Chrysler repay its "bailout" in the '70s? (The answer is yes - with interest). But now the Republicans finally have something to say about fiscal responsibility to the American people. It's a raised middle finger, folks.
