UAW chief hopeful Congress will pass loans for automakers

'John McCain was late in coming to the game on the retooling loans and ... he's never been clear from our standpoint about his level of support,' Gettelfinger said. 'Barack Obama came on board very early on the full $50 billion.' Automakers and Michigan legislators think the best route is to attach funding for the $25 billion to a bill to fund the continuing operations of government, though some high-level auto executives in Detroit are still pushing for $50 billion this year. The loans would sharply reduce borrowing costs for Detroit's Big Three automakers, which have sub-investment grade credit ratings and must pay double-digit interest -- dubbed 'credit-card interest' by Rep. Candice Miller, R-Harrison Township. The loans would save them more than $100 million for every $1 billion borrowed and the government could defer repayment for up to five years. Gettelfinger also said he's headed to Washington to testify on Capitol Hill Sept. 24 on trade policy. The UAW president, whose union has endorsed Obama, also used a conference call with reporters to criticize McCain on his varied comments about who bought a Toyota Prius for his daughter, Meghan. McCain last year reportedly said he bought the Prius, but last week he said in Detroit that he thought his daughter bought it. Gettelfinger said he thought the change in statements was a 'credibility issue.' McCain drives a Cadillac CTS. A spokeswoman for McCain on Wednesday declined to directly address the question of who paid for the Prius. You can reach David Shepardson at (202) 662 - 8735 or [email protected].

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