Pat Toomey: 'A bad deal for taxpayers'

U.S. Senate candidate Pat Toomey declared the GM auto bailout "a bad deal for taxpayers and proof that Washington's promises cannot be trusted."

"Both Presidents Bush and Obama had promised the American people that the initial auto bailouts would save the auto companies from bankruptcy," Toomey said. "Clearly, those promises are meaningless today."

More from Toomey:

"President Obama assured the American people that their tax dollars will not go to waste with the latest $30 billion bailout, but American taxpayers should take the President's words with a mound of salt. To date, the American people have been forced to pay $50 billion to save failing companies, but the promised salvation has not been forthcoming, and it is not at all clear that it will be anytime soon. It is clear that forcing taxpayers to bailout failing companies is not the solution America needs."

Toomey also took a shot at his potential 2010 opponent, Democrat Arlen Specter.

Senator Arlen Specter voted for the initial auto bailout in December 2008 (RC #215, 12/11/08) but has been conspicuously silent on the latest round of auto bailouts, Toomey said.

"Will Senator Specter stand up for taxpayers or will he simply do the Democrats’ bidding?" Toomey asks.