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Taxpayer Group Hopes to Derail $2.3 Billion Federal Loan
For Immediate Release October 10, 2006
(Alexandria, VA) -- Today, the 350,000-member National Taxpayers Union (NTU) expressed its opposition to a proposed $2.3 billion government loan to the Dakota, Minnesota, and Eastern Railroad (DM&E). As the period for public comment to the Federal Railroad Administration (FRA) closed, NTU articulated its concerns with the massive loan.
"Americans should not be forced to subsidize the operations of an unstable company," NTU Government Affairs Manager Andrew Moylan said. If approved, the loan would be more than twice the size of the federal government's bailout of the Chrysler Corporation in 1979. As Moylan concluded, "The Federal Railroad Administration should reverse course before taxpayers' wallets are flattened."
The group also announced that it will be releasing a study on the question next week. The NTU Issue Brief will discuss the matter in greater detail from the taxpayer's perspective.
NTU is a non-profit citizen group working for lower taxes and smaller government at all levels. Note: Numerous commentaries and studies on earmark reform, along with details on federal transparency, are available online at www.ntu.org.