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