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REUTERS - Efforts to provide emergency loans to struggling
U.S. automakers gained momentum on Friday
after a grim U.S. jobs report spurred talks between Democratic
leaders in Congress and the White House.
 

U.S. House Speaker Nancy Pelosi dropped her insistence that
the money come from the $700 billion financial bailout fund
that the Bush administration had refused to use on automakers,
said a congressional aide familiar with the discussions.
 

"Congress is considering various short term funding options
for the American automobile industry." Pelosi said in a
statement.
 

Earlier on Friday, the chief executives of General Motors
Corp, Ford Motor Co and Chrysler LLC wrapped up their second
visit to Washington in as many weeks, seeking a total of $34
billion in loans.
 

The automakers say they need help to survive a sharp
downturn in sales fueled first by the credit crisis and now
recession.
 

Pelosi said she would consider, with conditions, tapping an
existing $25-billion advanced energy technology loan fund to
help auto companies - an idea the White House has promoted.
 

"We will not permit any funds to be borrowed from the
advanced technology program unless there is a guarantee that
those funds will be replenished in a matter of weeks so as not
to delay that crucial initiative," she said.
 

Compromising on the source of funds would likely build
bipartisan support in Congress for a bill that could be signed
into law by President George W. Bush, a Republican.
 

White House spokesman Tony Fratto declined to comment on
any discussions related to the automakers bailout.
 

Both Pelosi and Senate Majority Leader Harry Reid said in
statements they expected to have votes next week on an
automaker assistance plan.
 

MORE TALKS EXPECTED
 

More talks between Democratic leaders in Congress and the
White House were due on Saturday. "We will meet tomorrow and go
from there," a congressional source said, speaking on condition
of anonymity.
 

Another congressional source rejected suggestions that the
Democrats had a framework or an outline for an agreement with
the White House. "We are still working on it," the aide said.
 

The appearance of the CEOs before lawmakers on Friday was
preceded by U.S. government data showing employers axed more
than 533,000 jobs in November, the highest monthly job-loss in
34 years. ID:nN05431090
 

Congress and the White House are anxious to prevent the
threatened near-term collapse of one or more of the Detroit
Three - which directly employ 250,000 people.
 

"In the midst of the worst economic situation since the
Great Depression it would be an unmitigated disaster," said
Rep. Barney Frank, chairman of the House Financial Services
Committee.
 

There had been agreement between most of Congress and the
Bush administration that the automakers needed help, but
previously no agreement on how to do it.
 

Frank ended the hearing with the auto CEOs saying he sensed
a growing desire to help the automakers: "The increased
optimism is the flipside of some great negativism -- the jobs
numbers today."
 

BILLIONS SOUGHT
 

GM and Chrysler have asked for immediate loans to forestall
possible failure, while Ford is asking for a $9 billion credit
line that would be tapped later if necessary. GM wants $12
billion in loans, with $4 billion of that immediately, as well
as a $6 billion credit line. Chrysler wants $7 billion.
 

Chrysler CEO Bob Nardelli told Frank's panel that the
company needs $4 billion to run operations through March. Over
the same time frame, GM CEO Rick Wagoner said his company needs
$10 billion to keep going.
 

Ford CEO Alan Mulally said again that his company does not
immediately need to use federal funds.
 

Meanwhile, GM, Ford and Chrysler appealed to the Canadian
and Ontario governments for billions of dollars in emergency
loans against a backdrop of fresh layoffs at Ontario assembly
plants. "We're fighting for our survival," said Reid Bigland,
president and chief executive of Chrysler Canada.
ID:nN05527791
 

Skeptics say the once mighty Detroit three have failed to
cut their costs, ween themselves from gasoline guzzlers and
make innovative cars consumers want to buy.
 

Before news that lawmakers and the White House were
talking, shares of GM had closed down 3 cents, or less than 1
percent lower, at $4.08 on Friday. Ford rose 6 cents, or 2.3
percent, to end at $2.72.
 

Chrysler is owned by private equity firm Cerberus Capital
Management.