McCain: Use Tax $$ For Green R&D, Not Bailout

McCain: Use Tax $$ For Green R&D, Not Bailout

Although not particularly good news for autoworkers worried about their jobs today, presidential hopeful John McCain's opposition to government bailout of the auto industry could hold promise for tomorrow's green technology should he wind up in the White House.

During a meeting with General Motors Corp. employees today, McCain told a Wall Street Journal reporter that rather than guaranteeing operating loans or providing direct grants, he would invest in research and development that advances fuel-cell and battery-electric cars.

"It depends on what you mean by a bailout," he told the reporter. If you're talking about it in the classic terms, I'm afraid not...I would like to invest American federal dollars in pure research and development as we move forward with new technologies, whether they be flex-fuel or whether it be hydrogen or whether it be the electric capability."

Now, if someone could remind him that flex-fuel vehicles aren't a new technology.... .

John O'Dell, Senior Editor

John O'Dell:  is an AutoObserver Senior Editor. Follow @AutoObserver on Twitter.