Voinovich drafts alternative auto loan

U.S. Sen. George Voinovich (R-Cleveland) is working on an alternative to a Democratic plan to give U.S. automakers $25 billion in loans to prevent bankruptcy.

Voinovich's office announced Wednesday that he is drafting legislation to allow previously authorized $25 billion for re-tooling to be used as a general loan. Democrats want the loan money to come from the multibillion bailout passed earlier this year.

Last week Voinoivch wrote a letter with Michigan's two Democratic U.S. senators support of the Democratic plan to make auto companies eligible for bailout money. Voinovich also voted for the $25 billion for re-tooling. 

Voinovich's alternative plan was drafted with U.S. Sen. Kit Bond (R-Mo.).