Advertisement

Loan to automakers could take a year

WASHINGTON, Oct. 22 (UPI) -- Setting up rules for the $25 billion federal loan recently earmarked for the U.S. automobile industry may take months, government officials said.

Due to bureaucratic delays, the money may not be available for a year, The Washington Post reported Wednesday.

Advertisement

Both presidential candidates, Democratic Sen. Barack Obama of Illinois and Republican Sen. John McCain of Arizona have urged the government to fast-track the process to help the companies that are struggling to adjust to the slow economy and the consumer's sudden interest in more fuel-efficient vehicles.

"I would call in the Secretary of Energy and say 'get this thing moving' because these companies need help now," Obama said in a rally in Ohio last week.

"It's critical to have a direct loan program, and it's equally important to infuse that money into the industry as quickly as possible," General Motors spokesman Greg Martin said.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement