U.S. Rep Michele Bachmann has asked President Bush not to use the $700 million bailout fund to help the auto industry. She says the money should go to troubled financial institutions, as originally designated, and not to the car makers.

In announcing her stance, the 6th District Republican congresswoman said: “Congress relies too heavily on the taxpayers as an ATM. It’s time for Congress to rein in government spending and pursue a pro-growth tax policy that attracts new investment, production and jobs. The real road out of this recession is through Main Street America, not Washington.”

Here's the text of the letter, signed by Bachmann and "several colleagues" (who are not identified):

Dear Mr. President:

"We are writing to express our concerns over the possibility of funding from the Troubled Asset Relief Program (TARP) being used to bail out the “Big Three” auto manufacturers. The Emergency Economic Stabilization Act was intended to provide stability to the nation’s lending system—not to provide a taxpayer-funded capital infusion to favored businesses. The legislation allows the $700 billion to be used for leveraging “financial institutions,” which auto manufacturers surely are not. Congress never voted for a federal bailout of the automobile industry, and the only way for TARP funds to be diverted to domestic automakers is with explicit congressional approval.

"No one wants the “Big Three” to fail, and we are not proposing it. But the federal government cannot undo decades of mismanagement, so we are faced with a decision about how to deal with it. Exercising options already afforded them by law, under a Chapter 11 reorganization for example, the American automobile industry can make the necessary reforms and could soon return to profitability. A federal bailout of the automobile industry, on the other hand, would put taxpayer money at risk, shield the companies from making the reforms necessary to restore competitiveness again, and set a costly precedent that the federal government will bailout other failing companies and industries.

"Tempting as it is to step in with a federal bailout, American taxpayers cannot afford to save every company facing financial peril. Last year’s federal deficit was the highest nominal deficit in U.S. history, and many economists believe this year’s deficit will exceed $1 trillion.

"For the long-term stability of our nation and our automotive manufacturers, we urge you to not expand the use of TARP money to bailout American auto manufacturers."