Obama proposes $150 billion green energy fund

While Republican candidate John McCain is offering American experts $300 million to develop a futuristic car battery, Democratic Barack Obama is taking a more logical and hands-on approach at tackling the issues the automotive industry is faced with.

Speaking at an economic event in Pittsburgh, Barack Obama told the automotive industry and other economic leaders that he sees a “surprising consensus” on what needs to be done to fix the nation’s economy. Barack said that there is a huge need for federal investment in new technology. He proposed a $150 billion green energy fund that will create 5 million new jobs and will help “the great assembly-line manufacturers” build fuel-alternative vehicles.

GM CEO, Rick Wagoner, shared a couple of words with Obama giving him his 2 cents on what the federal government can do to help the automotive industry. Spending money on research and providing incentives for buyers of hybrids and other fuel-alternative vehicles were just some of the ideas Wagoner shared with Obama.

CEO Alan Mulally met with Obama in Chicago and called their meeting “very productive and said he was “pleased to share the perspective on the important role American manufacturers play.”


Source: Automotive News (Subscription Required)