March 8th, 2009
02:10 PM ET
14 years ago

Automakers should seek bankruptcy protection, say two GOP senators

[cnn-photo-caption image= caption="No more auto bailout money without a long-term industry plan, Boehner said Sunday."]WASHINGTON (CNN) - The House's Republican leader said Sunday he did not support giving General Motors any more federal funds until the company can show it will be able to survive in the long-term and pay back the government, as two of his GOP colleagues in the Senate said it was time for the automaker to declare bankruptcy.

House Minority Leader John Boehner told CBS that if GM did not meet those requirements, the government would just be "throwing good money after bad," but said he hoped the company would not have to seek bankruptcy protection.

"It's an important institution in our country. It impacts hundreds of thousands of jobs. But they have to do the serious work that they've avoided doing over the last 30 years if they're going to survive," he said on Face the Nation.

Sen. Richard Shelby, who opposed the idea of a domestic auto bailout, told ABC's This Week that GM, Chrysler and Ford should only receive further federal funds as part of Chapter 11 reorganization: "Short of that, the UAW will run those companies and run them into the ground," he said.


Filed under: John Boehner • John McCain • Richard Shelby
February 8th, 2009
11:00 AM ET
14 years ago

Shelby: Republicans should start over on stimulus bill


Watch Sen. Shelby debate the merits of the stimulus bill with New York Sen. Charles Schumer on John King's State of the Union.

WASHINGTON (CNN) – Republican Sen. Richard Shelby of Alabama still isn’t happy with the stimulus bill even after hours of negotiating by centrist members of his own party in the Senate.

Asked by CNN’s Chief National Correspondent John King whether the version of the bill currently under consideration in the Senate is better than the House version, Shelby said his preference would be to start from scratch.

“It’s close to the House bill,” Shelby said Sunday on State of the Union. “They tweaked it a little bit but the substance is the same.”

“It’s not anything I could support,” Shelby added. “And I would hope – and I’m afraid we won’t – the Republicans would stay together. We could shelf this bill and start again. That’s what we really need to do.”

Shelby, the Ranking Member on the Senate Banking Committee, has also been critical of other efforts by the federal government to help the struggling economy including legislation that would have provided a bailout to the auto industry.

The Senate reached a tentative agreement Friday evening on a compromise version of the stimulus bill that was largely negotiated by a handful of centrist Republicans whose votes are needed to prevent a filibuster.

The Senate is expected to vote on the revised stimulus bill Tuesday.

September 25th, 2008
05:03 PM ET
14 years ago

Shelby: No agreement

[cnn-photo-caption image= caption="Shelby said no agreement has been reached."]WASHINGTON (CNN) - Republican Sen. Richard Shelby emerged from President Bush's economic bailout meeting Thursday afternoon saying, "We will not have a deal."

Shelby, a senator from Alabama, said he had a five-page paper from 44 leading economists that says "we are rushing to a deal."

One of Shelby's top aides told CNN earlier Thursday that the senator from Alabama had planned to make the statement. Shelby does not like the plan and wanted a public platform to voice his views, the aide said.

Filed under: Richard Shelby
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