Democrats say $15 billion auto package is all that is available

Mon Dec 8, 2008 4:57pm EST
 
[-] Text [+]

WASHINGTON (Reuters) - House Speaker Nancy Pelosi, a California Democrat, and House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat:

* Frank says Democrats' auto rescue package is worth $15 billion because that's maximum available from Energy Department's advanced technology fund.

* Pelosi says "it may take more than $15 billion to get to March 31" but hopes there will be viable auto industry by that date.

* Pelosi says "there is not going to be an endless flow of money" to auto industry from U.S. government and that shareholders, labor union, management must each make concessions. "Everybody has to take a haircut," she said.

* Frank says $15 billion would be loaned to automakers under terms designed to ensure repayment to U.S. government. "We have done everything possible to make sure we get paid back," he said.

 

Editor's Choice

A selection of our best photos from the past 24 hours.  Slideshow 

Most Popular on Reuters

  • Articles
  • Video

Special Report

A Greenpeace activist displays signs symbolising genetically modified maize crops during a protest in front of the European Union headquarters in Brussels November 24, 2008.  REUTERS/Thierry Roge
Answer to feeding the world or Frankenfood?

With malnutrition afflicting more than a billion people, few dispute the need for a solution. But are rich companies like Monsanto -- who play a powerful role in how and what the world eats -- helping or harming?  Full Article