McCain and Obama Pushing for Loans to Automakers

We hear there’s some bailout talk going on in Washington, where John McCain and Barack Obama might not be seeing eye-to-eye on a $700 billion economic plan. But both presidential candidates are solidly behind a $25 billion low-interest loan program (don’t call it a bailout) that would go to domestic automakers. 

The U.S. House passed the plan yesterday, and the Senate could vote on it today as part of the annual budget. Yesterday, however, the Energy Department said it could take 18 months or more before any funds go to any automakers. That means calendar year 2010. 

McCain and Obama’s spokespeople say the candidates want to speed up the loans, which the automakers say they need much sooner than 2010.

McCain, Obama vow to push Energy Department on auto loans (Detroit News)