While the White House and Congress have been embroiled in negotiations over the $700 billion bailout of the nation’s bedraggled banks, another bailout of sorts passed Congress just under the radar: $25 billion in subsidized loans for Detroit’s bedraggled automakers.

The burst of government generosity last week inspires two thoughts. There is a long list of troubled industries that could easily put government billions to good use. But public finances are looking more stretched with each passing bailout. So it is probably a good idea for Congress, and the administration, to refrain from giving another big chunk of the corporate sector more money, at least for the time being.

Moreover, while the money is ostensibly meant to further the cause of fuel efficiency, we fear Detroit’s automakers will be tempted to put it to other uses. The Department of Energy, which is in charge of writing detailed criteria for car companies to get the loans, should include a provision for strict oversight of the program to ensure that the money is not diverted to other purposes.

The loans are limited to plants that have been around for at least 20 years, which pretty much limits the help to the gas-guzzling trio from Michigan and three Honda plants. It is supposed to be used to retool old car and parts plants to make vehicles that achieve at least 25 percent better gas mileage than similar models in their class  hardly a difficult target, according to experts from the Union of Concerned Scientists.