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Updated: 5:06 PM Oct 31, 2008
Candidates Proposals For Auto Industry
Obama and McCain's auto policies at a glance
Posted: 5:05 PM Oct 31, 2008Reporter: Associated Press |
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A look at Barack Obama and John McCain's proposals for the auto industry:
OBAMA:
-- Obama supported $25 billion in loans to domestic automakers and suppliers to help them modernize plants to build fuel-efficient vehicles. He has urged the government to expedite the funding and supports doubling the program to $50 billion.
-- Obama has set a goal of 1 million plug-in vehicles on the roads by 2015. He has shown interest in converting the fleet of White House vehicles to plug-ins, if security allows.
-- Obama has promised $4 billion in loans and tax credits to U.S. automakers to modernize older assembly plants to produce advanced vehicles and a $7,000 tax credit for buyers of early model plug-ins.
-- Obama said that, if elected, he would meet with the leaders of the Big Three and the United Auto Workers union shortly after the election.
McCAIN:
-- McCain supported $25 billion in loans to domestic automakers and suppliers to help them modernize plants to build fuel-efficient vehicles. He has urged the government to expedite the funding but has not supported additional funding.
-- McCain has proposed awarding a $300 million prize for researchers trying to develop a better automobile battery critical for plug-in vehicles.
-- McCain would also offer $5,000 tax credits for consumers who buy new zero-emission vehicles.
-- McCain said Friday he would "do whatever I think needs to be done" to help the auto industry.
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