Sen. Rand Paul (R-KY) said he will use every resource he has at his disposal to stop President Barack Obama from bailing out newly-bankrupt Detroit because he believes the city can and must save itself and learn from its fiscal mistakes. "I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington.”
“There’s some good things that come out of bankruptcy,” Paul said in a phone interview from Iowa. “One is you get to start over. Bankruptcy lets you be forgiven of your debt. And you do so by getting new management, better management, and by getting rid of unwieldy contracts, contracts that give you where public employees are getting paid twice what private employees are and things come back more to normal. That’s the way cities and businesses can recover.
"I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington.”
The White House said it is monitoring the situation in Detroit,....[and] Obama’s former auto czar Steven Rattner said on MSNBC on Friday that he is calling on Obama to bail out Detroit. Paul said that "apparently" Obama is "making indications that Detroit can be expected to be bailed out."......that will send a signal to the rest of cities and states nationwide that the federal government will bail them out to if they conduct reckless spending. ...To Read More.....