Tags: Kyl | detroit | Obama | agenda

Sen. Kyl: Bankruptcy Best Prescription for Carmakers

Wednesday, 19 Nov 2008 02:05 PM

By Jim Meyers

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

See the full interview with Sen. Kyl - go here now

Senate Minority Whip Jon Kyl tells Newsmax that Democrats will meet with “quick resistance” if they try to push through a left-wing agenda — and says bankruptcy, not a bailout, is the best prescription for saving the U.S. auto industry.

Asked by Newsmax’s Ashley Martella if he expects a left-wing push, the Arizona Republican responded:

“If history is any guide, when the party out of power for many years finally takes power in a big way, as the Democrats have, they tend to want to overreach, to get too much done too quickly. And they are spurred on by their constituency, in this case the left-wing constituency of the Democratic Party.

“If they do that, I think they’ll find quick resistance from Republicans, who will be unified, and probably from the public…

“On the other hand, if they are a little more clever about it they would take it carefully and slowly, building a consensus as they go along and avoiding the trap of trying to do too much ideologically too soon.”

Martella noted that liberal Democrats did not treat George Bush’s judicial nominees fairly, and asked Sen. Kyl, a member of the Senate Judiciary Committee, if he expects payback from the Republicans.

“No, payback would not be the right way to go about it,” Kyl said.

“There should be only one test for judicial nominees, and that is, are they the kind of lawyers or judges who will decide cases on the basis that cases are supposed to be decided — in other words, on the facts and the law of the case.”

But he added: “Given the fact that Democrats had employed a lot of very strong delaying tactics, including filibusters, against some of the president’s nominees, I think you’ll find Republicans saying, ‘Look, it’s not the right thing to do, we opposed it when they did it, but you can’t expect one party to be able to do it and the other party not to.’

“So it’s not a matter of payback, it’s simply a matter of ensuring that the right kind of judges get confirmed.”

Martella asked Kyl, a member of the Senate Finance Committee, if the government should bail out the American auto industry.

“The answer to that question is no,” said Kyl. “They shouldn’t be bailed out, in my opinion, and I don’t think it’s going to happen this week.

“There are increasingly experts who are coming forward saying the Big Three auto companies must restructure the way they do business, primarily the labor costs and other embedded costs that they have taken on. They’ve got to get rid of those or they will never be competitive.

“And simply giving them money to pay their bills for a few months, all that will happen there is the taxpayers are out another $25 billion, the auto companies are another six or eight months down the road, but they’re no closer to being viable than they are today, unless they reform.

“They’re not going to [reform] voluntarily. The labor unions are not going to allow it to be done voluntarily.

“My own prescription therefore is to take the protection that Chapter 11 of the bankruptcy code allows and reorganize so that you can accomplish this restructuring.

“You’ve a timeout on your obligations for 18 months, you have an ability to bring experts in to help you reorganize, shed these obligations, and come out of Chapter 11 with a much leaner, more competitive operation, which is important, because it is important to save the auto industry in the United States.”

See the full interview with Sen. Kyl - go here now

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved