What the government is doing is not bailing out these companies. The government is in effect acquiring these companies in order to sell off their assets.

As for supply-siders saying deficits don't matter, you are wrong. It is actually more of a Keynesian approach to run long-term large deficits. In truth, there is no great sin in running budget deficits as long as the debt service ratio is not too great. Remember, many successful corporations operate with long-term debt. Debt is cheaper than equity, so it makes sense to operate on a deficit as long as the debt can be serviced.