Presidential hopeful John McCain not completely against Big Three bailout, supports electric car tax credits

Although the Detroit automakers are convinced that they won't need a government bailout despite the hard times, Presidential hopeful John McCain revealed on Thursday that he would not be against such an action. The Bush administration has already said that it would be against a government bailout for the Big Three.

"I hope GM does not require it, but if it looks like it is approaching that, everyone has to consider every option," McCain told the Dow Jones Newswires.

However, McCain's bailout plan would not include large sums of money for the automakers but rather an incentives package that would encourage the production of more fuel-efficient vehicles.

In addition to a possible bailout plan, McCain is also in support of a tax break for those who purchase green technology vehicles such as the Chevrolet Volt. Under McCain's plan, anyone who purchases an electric car that was developed in the United States would be eligible for a $5,000 tax rebate. General Motors has been quite vocal about the need for a tax break on vehicles like the Chevy Volt as the development costs have far exceeded what was originally expected.