Mass. democrats urge
auto bailout

WASHINGTON (AP) - Massachusetts Congressman Barney Frank is drafting legislation that would provide $25 billion in emergency loans to the auto industry, in exchange for a government ownership stake in the Big Three car companies.

The aid would come from the $700 billion Wall Street rescue package that was approved by Congress last month.

The White House says President Bush is open to helping the beleaguered automakers, but is cool to the idea of taking the money from the Wall Street bailout.

Frank -- who chairs the House Financial Services Committee -- is drafting the bill with Michigan Sen. Carl Levin.

Congressional Democrats are pushing for quick passage of the auto bailout during a post-election session that begins on Monday.