Richard Shelby, the top Republican on the Senate Banking Committee, expresses what my feelings are on the subject: He says,

“The financial situation facing the Big Three is not a national problem, but their problem,” Shelby said in a statement this week. “I do not support the use of U.S. taxpayer dollars to reward the mismanagement of Detroit-based auto manufacturers in such a way that allows them to continue and compound their ongoing mistakes.”

The Weekly Standard has a good opinion article on the topic.