Help homeowners next, Pelosi says

WASHINGTON, Dec. 16 (UPI) -- House Speaker Nancy Pelosi said releasing the second half of the $700 billion federal bailout could wait until concrete plans to help homeowners are in place.

Pelosi said she had asked Chairman of the House Financial Services Committee Barney Frank to draft a bill that would "insist that the provision of the law (to help homeowners) be honored before we release any more funds," The Washington Post reported Tuesday.

Congress has released the first $350 billion, of which about $15 billion is unspent, the Post said.

That $15 billion may end up on the hands of U.S. automakers. General Motors Corp. and Chrysler LLC have asked for $14 billion in emergency loans as their cash reserves are quickly eroding in a recession marked by slumping vehicle sales.

The White House and U.S. Treasury have said they were working on a plan to help automakers.

White House spokesman Tony Fratto said Monday it was "an open question whether we get to that point," referring to whether or not Treasury Secretary Henry Paulson Jr. was expected to ask for the second $350 installment, the Post said.