Democrat: Government Could Revoke Auto Bailout Loans

By: Associated Press Email
By: Associated Press Email

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A key Democrat says a House auto industry bailout would require that U.S. automakers immediately repay $25 billion in government loans next year if they can't show they're financially viable.

Rep. Barney Frank, D-Mass., who is drafting the plan, said it would forbid the carmakers from paying dividends or giving bonuses to executives making more than $250,000 a year while they're using the government lifeline.

Frank told CNN that lawmakers want a plan that will show that the companies are viable and that the money should be repaid if they aren't viable.

A Senate measure contains no such provision.

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