(AP)-Here's 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.
