Here is his response to my objections of a bailout of American newspapers...
Thank you writing to me in regards to the Newspaper Revitalization Act (S. 673).
While Americans have quick access to the news, there remains one clear fact when it comes to original in-depth reporting that records and exposes actions, issues, and opportunities in our communities; nothing has replaced a newspaper. Most, if not all sources of journalistic information, from Google to broadcast news or punditry, gain their original news from the laborious and expensive work of experienced newspaper reporters diligently working their beats over the course of years, not hours.
On March 24, 2009, I introduced this legislation in an effort to further discussions on how to help preserve investigative journalism and the critical role it plays in our democracy. On May 6, 2009, I testified before the Senate Commerce, Science and Transportation Subcommittee on Communications, Technology and the Internet at a hearing on the future of journalism. I have also participated in forums on this issue at the New America Foundation and Brookings.
The Newspaper Revitalization Act provides an option to newspapers to operate as non-profit organizations, if they choose, under 501(c)(3) status for educational purposes. It would create a new category under the Internal Revenue Code for a "qualified newspaper corporation." This would be the same IRS status that is used by churches, hospitals, educational institutions and other not-for-profit entities. Advertising and subscription revenue would be tax exempt and contributions to support coverage or operations could be tax deductible. I have suggested this option to preserve the newspapers' independence from government interference. In other words I would oppose any direct government support for newspapers.
While this may not be an optimal choice for some major newspapers or corporate media chains interested in profit, it should be an option for many local newspapers fast disappearing in our states, cities, and towns. In this economic climate, and with the real possibility of losing community newspapers, this would be a voluntary option for owners to save their paper, not a requirement. It is also a model that could enable local citizens or foundations to step in and preserve their local papers.
The Newspaper Revitalization Act will provide help during this time of transition and preserve investigative journalism in our local communities. Again, thank you for writing to me on this important subject. If I can be of any further assistance, please do not hesitate to contact me in the future.
So if a business has a horrible business plans, or if they support Democratic causes unequivocally, then sure, the government owes you a bailout.