Barack Obama, the Democratic candidate for president, put auto finance woes in the spotlight during his debate last night with Sen. John McCain [R-Ariz.], saying that a lack of auto loans for consumers is exacerbating the current financial crisis.
Obama raised the issue of troubles on the auto finance front as he spoke about the need for the United States to become energy independent from foreign providers of oil. The Democratic senator came out forcefully in favor of loan guarantees to the auto manufacturers.
“When I talked about the automakers, they are obviously getting hammered right now,” Obama said. “They were already having a tough time because of high gas prices. And now with the financial crisis, car dealerships are closing and people can’t get car loans.”
“That’s why I think it’s important for us to get loan guarantees to the automakers, but we do have to hold them responsible as well to start producing the highly fuel-efficient cars of the future,” Obama added.
McCain did not respond directly to Obama’s points on auto finance, instead turning the discussion to international trade matters.
Click here for a transcript of last night’s debate.
