In recent days the Big Three’s top executives have walked through the halls of Congress with their hands out for $25 billion in low-interest loans from U.S. taxpayers.

General Motors, Ford and Chrysler say the money would help them produce more fuel-efficient vehicles, retain thousands of jobs and retool existing factories. That eventually could include GM’s Fairfax plant in Kansas City, Kan., and Ford’s Claycomo facility.

Critics cry that this is a classic bailout. They have a point.

As independent industry observers have often noted, the automakers have made plenty of mistakes.

For years they failed to invest enough money toward making smaller, fuel-efficient vehicles that now are all the rage with consumers because of high gas prices.

So Toyota, Honda and other foreign automakers — which also have plants in the United States — are gaining sales at the expense of the Big Three.

Now the domestic companies want U.S. taxpayers to subsidize production of new, fuel-efficient vehicles. The companies would save billions in lower interest rates on the loans.

And if defaults occur, the Congressional Budget Office estimates a potential loss of $7.5 billion in public funds.

But supporters of the legislation often quibble with the word “bailout.”

“This is about innovation,” says House Speaker Nancy Pelosi, a California Democrat.

“This is a technology partnership,” says Linda Becker, a Chrysler official.

“I would characterize it as an enabler,” says Ford CEO Alan Mulally.

Whatever. In any case, the government assistance certainly has a much better chance of passage than it did a few months ago.

The financial crisis and government plans for massive bailouts to deal with it have convinced GM, Ford and Chrysler that federal funds are within their reach, too.

In the heat of an election campaign, candidates in both parties recognize that a lot of workers are worried about their jobs at car-making plants and at auto-parts facilities.
Backers of the loans to automakers include presidential candidates John McCain and Barack Obama.

Obama has long supported the idea. McCain once questioned the proposed loans, perhaps until his advisers looked at an Electoral College map.

Several large states up for grabs in the presidential race — Michigan, Ohio and Missouri — have auto plants and thousands of jobs related to the industry.

McCain appeared at an Orion, Mich., auto plant last week and said, “We are not going to leave the workers here in Michigan hung out to dry while we give billions in taxpayer dollars to Wall Street.”

But if Congress moves forward on the loans, it should lay out clear ground rules:

The Big Three must spend the money, as promised, on research and development of more efficient vehicles.

That should include new cars and trucks that don’t rely on fossil fuels.

The carmakers should not be allowed to fritter away the money daydreaming about new gas-guzzlers.

Many American taxpayers would also object if the money were used to outscource jobs to other countries.

If taxpayers are going to pony up billions to help keep the Big Three in business, Congress has the responsibility to make sure that money is put to good use.