Ok both companies make very nice bikes. Be warned that the only Treks made in the US now are the OCLV bikes (road bikes). Also the Cannondale Synapse is not made in the US but all of their Al bikes are.

Now that that is out of the way you really must ride them. I don't know what it is but when I am on a Trek I feel scrunched up in the cockpit and when I climb out of the saddle my knees are very close to the bars (uncomfortably so). Cannondale's fit differently...for me anyway. When I got back into cycling I SOOO wanted a Trek (Lance had me) but they just don't work for me so I didn't buy one because fit is more improtant.

If you want steel and US made think Gunnar, Waterford, or IF (other custom bikes as well but these off the top of my head).