WASHINGTON, Sept. 12 (UPI) -- Federal loans of $25 billion would help the U.S. auto industry meet tougher efficiency standards, General Motors Corp. chief Rick Wagoner told Congress Friday.
Wagoner also said the big three automakers -- GM, Ford and Chrysler -- would like to see the rules governing the direct loans expanded so the money could pay for a range of more efficient vehicles, the Detroit Free Press reported.
"If Congress could move rapidly to enable the loans that were approved to be funded and dispersed … that would be a tremendous help," Wagoner testified during a Senate hearing on energy policy.
The loans were approved but not funded in the energy bill. Wagner's testimony was the industry's latest effort to persuade Congress to approve $3.75 billion needed to begin the $25 billion loan program before it adjourns.
The White House is aware of what the automakers are asking, presidential spokesman Tony Fratto said during a briefing Friday.
"They've been very clear about it publicly and privately," Fratto said. "There's language in the legislation of course, that -- from the 2007 energy bill that is -- what they're looking for, in terms of funding."
Fratto said aides to President George Bush had to be careful about the government's role with private enterprise.
"There are lots of industries that are dealing with challenging economic conditions, and it's always important to be very cautious about the federal government's role," he said.
