Wednesday, August 27, 2008

Joe Biden blasts McCain on auto loans

WASHINGTON -- Democratic vice presidential hopeful Joe Biden wasted no time Monday in hitting Republican presidential candidate John McCain on auto industry issues, saying McCain does not fully support the industry's bid for $50 billion in government loans.

After McCain announced his support for some loan funding on Friday, Barack Obama's campaign said it would back the full $50-billion request over three years, which would cost the government roughly $7.5 billion. Automakers plan to press Congress to approve the funds before it adjourns this year.

"John McCain has not only opposed these much-needed loans for our domestic automakers, he has openly criticized and shown disdain for them," Biden said in a statement Monday, two days after he became Obama's running mate.

"His recent statements have shown once again that he is not only out of touch with American workers, but that he isn't being candid about what he does and doesn't support."

McCain had previously said he was not in favor of the loans and that he preferred his own plans for helping the industry. They include a $300-million prize for battery research and a $5,000 tax credit for consumers who buy hybrids or other advanced vehicles.

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