U.S. Rep. Elton Gallegly (R-Thousand Oaks) recently voted against the automaker bailout bill.

"This bill does not require union members or union leaders to cut pay or benefits. It sets up an auto czar with unlimited control over the American auto industry and with no congressional oversight. It requires a plan to restructure instead of requiring the Big Three to actually restructure and become competitive expeditiously. It also provides federal loans with no collateral for the taxpayer," Gallegly said. "It is poorly conceived, and instead of saving the American auto industry, it dooms it.

The bill requires the automakers who take part in the plan to submit their restructuring plan by March 31, instead of requiring them to actually have the restructuring plans in place by March 31. Some industry executives have suggested in public statements that the companies could be competitive by 2012.

"This guarantees the automakers will be back asking for more bailouts for at least another three years with no benchmarks or deadlines for them to actually restructure," Gallegly said.

"This is not in the best interest of the car makers, the workers or the taxpayers."

While the plan calls for the American taxpayer to obtain stock in any automaker that takes part in the bailout, the stock would be worthless if the automakers fail, which is guaranteed by this plan, Gallegly said.