A Project of The Annenberg Public Policy Center

The ‘Bailout’ Santorum Denies

Rick Santorum says, “I didn’t vote for a steel bailout.” But in fact, the former Pennsylvania senator voted in 1999 for the Emergency Steel Loan Guarantee Program, which was dubbed a “bailout” by multiple news organizations at the time.
The loan guarantee program Santorum supported was much smaller than the auto bailouts he has regularly criticized on the campaign trail. Only three steelmakers ever tapped the program, and all money has been repaid. But it did underwrite more than $400 million in loans,