The governors of Michigan, Illinois, North Carolina, New Jersey, Tennessee, Ohio, Wisconsin, Delaware, Kansas and South Dakota have expressed their support to the auto industry and have asked the US Congress to back $25 billion in soft loans to the industry before the end of session prior to the presidential elections in November 2008.
Presidential hopefuls, Democratic Illinois senator Barack Obama and Republican Arizona senator John McCain, have both backed federal support to the industry. This is widely seen as a move to remain popular in the important swing states of Michigan and Ohio, both with considerable presence of the auto industry.
The proposed loan package to the industry is being viewed by some as a federal bailout at a time when US lawmakers are debating the bailout of troubled insurance major AIG. Fiscally conservative policymakers are of the opinion that tax dollars should not be used to shore up failing private companies.
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