Discuss as:

GOP's criticism of Obama's GM move

From NBC's Mark Murray
Earlier this morning, we wrote that Republicans had been mostly quiet about the Obama administration pushing GM into bankruptcy protection.

Well, not anymore.

Shortly after we published our morning note, the Republican National Committee released a Web video (see below) criticizing the move. Said RNC Chairman Michael Steele: "No matter how much the president spins GM's bankruptcy as good for the economy, it is nothing more than another government grab of a private company and another handout to the union cronies who helped bankroll his presidential campaign. President Obama will now own 60% of GM, and his union buddies will own almost 20%. And what do the taxpayers get? They'll get stuck with up to a $50 billion tab for the taxpayer dollars Obama is using to pay for his takeover of GM."

[Youtube:TofiMLv6xrg]

GOP congressional leaders also weighed in with statements. Said House Minority Leader John Boehner: "This agreement may buy some time, but does nothing to ensure GM's success. The only thing it makes clear is that the government is firmly in the business of running companies using taxpayer dollars. Does anyone really believe that politicians and bureaucrats in Washington can successfully steer a multinational corporation to economic viability? It's time for the Administration to fully explain what the exit strategy is to get the U.S. government out of the board room once and for all."

Added House Minority Whip Eric Cantor: "The nature of this bankruptcy agreement raises serious questions about the ultimate cost to millions of Americans. While the government has now subsidized GM to the tune of $50 billion, the administration has not demonstrated the ability to account for this enormous taxpayer expenditure. That must change -- taxpayers deserve far better oversight and accountability."