MT Delegation Opposes Auto Bailout

By Beacon Staff

HELENA – All three members of Montana’s congressional delegation voted against a proposed $14 billion measure to keep U.S. automakers in business.

Sen. Jon Tester says the cost of the short-term loan, which automakers said would get them through March, didn’t make sense when they had earlier said a $34 billion bailout could potentially get them through 2010.

Sen. Max Baucus objected to a provision that would have provided federal guarantees for complex financial transactions between major transit agencies and investors. Baucus says the provision would only help the banks that entered into what he called “sham transactions” to avoid taxes.

And Rep. Denny Rehberg says the bill didn’t contain enough safeguards to protect taxpayers.

All three say they expect some kind of auto bailout package to come before Congress when it reconvenes next month.