GOP: No bailouts for big companies

WASHINGTON, April 24 (UPI) -- Sen. Kay Bailey Hutchison, R-Texas, said Republicans would "stand firm" against financial reform legislation allowing government bailouts of failing companies.

"We will stand firm against a partisan bill that exposes ordinary taxpayers to future bailouts or favors big companies over community banks across America," Hutchison said Saturday in the weekly Republican radio and Internet address.

"These companies take their profits in good times, but when things go bad, they turn to the government to bail them out. This must end. The American people should not be forced to pay the risky gambling debts of the large financial institutions."

Hutchison, who lost to Gov. Rick Perry in her bid to become the GOP nominee for governor in Texas, said she and fellow Republicans "believe this bill can be fixed, with a sincere bipartisan solution."

She called on Democrats to "put away the political playbook and simply say publicly what they're suggesting privately -- that this bill still needs some work, that both parties should come together to do that work on behalf of the American people. We can prevent future bailouts.

"We can address the root causes of the economic downturn. But first, we need to put politics aside."

Earlier Saturday, President Barack Obama said in his weekly address Democrats' financial reform legislation would prevent another economic meltdown and ban further government bailouts.