OREGON, Ohio/WASHINGTON (Reuters) – Democrat Barack Obama said on Tuesday that as president he would demand that up to $25 billion in government loans targeted for distressed U.S. automakers be distributed quickly.
Obama told reporters that General Motors Corp, Ford Motor Co and Chrysler LLC find themselves in a unique financial situation, having been hard hit by rising gasoline prices this year and the global credit crunch.
“If I were president right now, I would call in the secretary of energy and say ‘get this thing moving’ because these companies need help now,” Obama said.
“Demand?” The $25 billion was to help automakers fund new plants or modernize old ones to build more fuel-efficient cars. Sounds like a President Obama wants to give the money out before the plans for the new plants are even created.