GM CEO says automakers not seeking bailout

WASHINGTON, Sept 12 - General Motors Corp Chief Executive Rick Wagoner told Congress on Friday that Detroit automakers are not seeking a congressional rescue but want lawmakers to act rapidly to free up $25 billion in low-interest loans to help them retool plants for meeting sharp U.S. fuel efficiency increases.

"I'm not here today asking for any bailouts," Wagoner told a Senate energy summit. "We need to approve the ($3.8 billion) appropriation to authorize those loans and to very quickly draft regulation."

Wagoner said credit help for the industry would go a long way to assisting distressed automakers make the necessary changes to their business to meet last year's government mandate for 40 percent better fuel efficiency by 2020.

Congressional Democrats say they would like to activate the loans in legislation they hope to move before the end of the month.

(Reporting by John Crawley; Editing by Phil Berlowitz)