General Motors Corp. CEO Rick Wagoner and United Auto Workers President Ron Gettelfinger took part in the delegation meeting via conference call. The meeting followed calls to numerous members of Congress from the CEOs of Detroit's Big Three automakers over the last two days. They argued the December 2007 energy bill, which authorized up to $25 billion over five years for retooling of auto plants to build advanced technology vehicles and parts, is too restrictive and that they need to be able to use the money for a broader range of projects. But that could open them to up to critics who claim the program is a bailout. Because Detroit's Big Three have sub-investment grade credit ratings, they pay double-digit interest rates to borrow money. Under the bill they would get to borrow money at the lowest government rate, between 4 percent and 5 percent, and would save more than $100 million per $1 billion borrowed. The government could also opt to defer repayment of the loans for up to five years. Automakers believe they have a limited window to make their case, because of Michigan's importance in the presidential election as a swing state. Both presidential candidates John McCain and Barack Obama have endorsed the program. Obama backs the $50 billion that automakers are seeking, while McCain backs $25 billion. President Bush hasn't taken a position on funding the program. Rep. Dale Kildee, D-Flint, said he'd like to see $50 billion 'but I think it's more realistic that we will get $25 billion this year.' Congress must come up with at least $3.75 billion to fund the $25 that was allocated by Congress. But the Congressional Budget Office is in the process of re-evaluating the risk of a default on the loans and will revise its estimate of the cost upwards, said Rep. Fred Upton, R-St. Joseph. Congressional aides said the new price tag could be 20 percent higher or more. Separately, the ranking member and chairman of the Senate Finace Committee, Sens. Charles Grassley, R-Iowa, and Max Baucus, D-Mont., introduced a wide-ranging $40 billion energy tax bill Thursday that would reduce tax breaks for oil companies but also provide incentives for renewable energy. The bill includes tax credits of up to $7,500 per plug-in electric vehicle, a move that GM says is essential to helping defray the cost of new vehicles like the rechargeable Chevrolet Volt, due out in 2010. An energy bill introduced by House Democrats Thursday would require all gas stations to add one alternative fuel E85 pump, a fuel of 85 percent ethanol. Currently, less than 2,000 of the nation's 185,000 gas stations have an E85 pump. You can reach David Shepardson at (202) 662 - 8735 or [email protected].