Romney Campaign Press Release - Santorum Never Supported a Bailout? Not So Fast...

SANTORUM CLAIM — I Never Supported A Bailout:

Santorum: "The Government Should Not Be Involved In Bailouts, Period."  "Mr. Santorum, a former Pennsylvania senator, said. 'My feeling was that we should not support — the government should not be involved in bailouts, period. I think that's a much more consistent position.'" (Richard A. Oppel Jr., "In Detroit, Santorum Defends Opposition To Auto Industry Bailout," The New York Times, 2/17/12)

A Bill Santorum Supported In 1999 Created A Federal Loan Guarantee Program For The Steel Industry:

In 1999, Santorum Voted For Passage Of H.R. 1664, Which Gave The Government Power To Guarantee Loans To Steel And Iron Ore Companies. "An Act providing emergency authority for guarantees of loans to qualified steel and iron ore companies and to qualified oil and gas companies, and for other purposes" (H.R. 1664, Vote #176: Passed 63-34-3: R 21-33-1; D 42-1-2; I 1-0, 6/18/99; Santorum Voted Yea)    

The Emergency Steel Loan Guarantee Board Was Created To "Assist Steel Companies Hurt By A Barrage Of Cheap Steel Imports That Sent The Financially Fragile Industry Reeling." "The Wheeling, W.Va.-based steelmakers' plan to resuscitate itself hinged on approval by the Emergency Steel Loan Guarantee Board -- the government panel created in late 1999 to assist steel companies hurt by a barrage of cheap steel imports that sent the financially fragile industry reeling." (Len Boselovic, "W-P Weighs Options Without Loan Guarantees," Pittsburgh Post-Gazette, 3/4/03)

The Program Was Authorized To Give Loans Of Up To $250 Million Per Company With No More Than $1 Billion In Loan Guarantees Outstanding At Any Given Time. "The program provides for loans by private lenders to qualified steel companies with up to $250 million to a single company. The total amount of loans outstanding may not exceed $1 billion and federal guarantees may not exceed 85 percent of loan principal." ("Financial Management: Emergency Steel Loan Guarantee Program," U.S. General Accounting Office, Filed 5/25/01)

Senator Santorum Also Voted For A Multi-Billion Dollar Bailout Of Domestic Airline Companies:

In September 2001, Congress Approved A $15 Billion Financial Aid Package For The Airline Industry. "In the wake of last week's terrorist attacks involving hijacked airplanes, Congress Friday passed a measure for a $15 billion financial aid package to help the crippled airline industry and set up a government compensation fund for victims to help deter lawsuits." (Kate Snow, Dana Bash And Ted Barrett, "Congress Approves $15 Billion Airline Bailout," CNN, 9/22/01)

The Measure Included $5 Billion In Immediate Cash And $10 Billion In Loan Guarantees. "The measure gives the nation's airlines $5 billion in immediate cash assistance and $10 billion in loan guarantees in an effort to keep several major carriers from collapsing." (Kate Snow, Dana Bash And Ted Barrett, "Congress Approves $15 Billion Airline Bailout," CNN, 9/22/01)

Santorum Voted Yes On The Airline Bailout Bill. "Measure Title: A bill to preserve the continued viability of the United States air transportation system." (S. 1450, Vote #284: Passed 96-1-3: R 46-1-3; D 50-0-0; I 1-0-0, 9/21/01; Santorum Voted Yea)

Changing His Tune? Senator Santorum Has Not Always Been So Down On TARP:

In Late 2009, Santorum Defended A Congressman's TARP Vote: "It Was The Wrong Decision, But I Don't Think It Was An Unreasonable Decision." "Santorum has been critical of Republicans who have supported the Bush administration's bank bailout ... [former Rep. Gresham] Barrett is one of those Republicans who voted for TARP ... When asked about Barrett's vote, Santorum said that was probably the only thing the two men disagreed on. ... 'And, look. I wasn't in Congress at the time. I understand the pressure and the panic that the administration, the secretary of the treasury, put on everybody. The world was going to end if we didn't do TARP. And there was a decision by the leadership of the party that this was something our presidential candidate, John McCain and everybody ... this had to be done. And when you're sitting there, and you have that responsibility, I'm sure that weighs on you.' He added: 'It was the wrong decision, but I don't think it was an unreasonable decision.'" ("Ex-Senator: Youth Are Facing A 'War Of Ideas,'" Spartanburg Herald-Journal, 12/10/09)