December 8, 2008 / 9:59 PM / 11 years ago

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

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.

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