UPDATE 1-Ohio senator wants auto deal by end of Wednesday
WASHINGTON, Nov 19 (Reuters) - Sen. George Voinovich of Ohio, whose state could be devastated by a collapse of the U.S. auto industry, said on Wednesday he hoped Congress could reach a deal on an auto bailout by the end of the day.
"We are having a lot of discussions with the Democrats," said Voinovich, a Republican, noting a growing consensus "of getting something done so we don't lose General Motors GM.N."
General Motors Corp Chief Executive Rick Wagoner told lawmakers on Wednesday that a bridge loan would mean that the company would have a "good shot to make it through next year."
GM, Ford Motor Co (F.N) and Chrysler LLC [CBS.UL] have asked for $25 billion in emergency loans to survive the global financial meltdown that has seen their sales plummet.
Voinovich's plan is to use $25 billion already authorized for loans to help automakers retool plants to meet new fuel efficiency standards to help them survive the financial crisis. As they pay that back, the money would go into a pool to be used for retooling.
Voinovich said there were oversight provisions under discussion but he did not detail them.
The three U.S.-based auto makers all have plants in Ohio, as does Honda Motor Co Ltd (7267.T). Goodyear Tire & Rubber Co (GT.N) and Cooper Tire & Rubber Co (CTB.N) both have their headquarters in Ohio, while a number of auto parts suppliers are located there.
The White House reiterated on Wednesday that it supported amending the fuel-efficiency retooling program to provide quick help to the auto industry. (Reporting by Donna Smith, editing by Richard Chang and Tim Dobbyn)
