The request was made Wednesday in a letter to Tim Meeks, administrator of the Western Area Power Administration.
The high-voltage power line is being developed by Tonbridge Power, a private company based in Toronto. About 130 miles of the line would cross Montana.
With the current economic credit crunch, funding from sources like the WAPA loan program are vital for projects like MATL, Baucus and Tester said.
"The Montana-Alberta Transmission Line is a fully permitted 'shovel ready' project that will provide integration of renewable generation and create jobs," Tester and Baucus wrote to Meeks. "It would be a worthy recipient of funding made available in the American Recovery and Reinvestment Act."
The jobs bill gave WAPA the authority to borrow $3.25 billion from the U.S. Treasury. It asked for funding applications on March 4, which prompted the request from Baucus and Tester.
WAPA's Web site said federal funding will be provided "in partnerships" to develop transmission infrastructure that delivers renewable energy to markets across the West. Wind developers have signed up to use the MATL transmission line, which is expected to cost $140 million.
Environmental and energy regulators in both countries have approved the project, but it's facing one remaining appeal from a group of landowners in Alberta, who are challenging the route before the Alberta Court of Appeal.
"Now more than ever, the WAPA loan program is vital to getting clean-energy projects, like MATL, up and running for our communities," the senators wrote.
WAPA, which markets and delivers power to 15 states, is one of four power-marketing administrations within the U.S. Department of Energy.