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Cornyn Announces Amendment to Bar Taxpayer Bailout for Detroit

U.S. Senator John Cornyn (R-TX) spoke on the Senate floor about his amendment to the THUD appropriations bill that would prohibit the federal government from bailing out Detroit, or any other city in America, with taxpayer dollars.

WASHINGTON, D.C. -- U.S. Senator John Cornyn (R-TX) spoke on the Senate floor about his amendment to the THUD appropriations bill that would prohibit the federal government from bailing out Detroit, or any other city in America, with taxpayer dollars.

The full speech can be seen here and excerpts of his remarks are below.  The full text of the amendment is attached.

“Our amendment would prevent any funds in this bill from being used to bail out Detroit or any American city that mismanages its public finances.

“There's no good reason why Detroit or any other American city ought to receive a taxpayer-funded bailout from Washington. I hope that the normal bankruptcy process will be allowed to go forward, and I hope that the bankruptcy follows the rule of law, and the Obama Administration resists any temptation to meddle in the process and play politics.

“Detroit's financial woes offer a warning to all cities and states that are struggling with pension obligations and unfunded liabilities.

“It’s time for government officials at all levels—at the state, federal and local—to make the hard fiscal choices that we have been postponing for way too long.”

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