WASHINGTON — Rhode Island’s Democratic legislators yesterday approached the emerging bailout plan for the Big Three automakers warily, noting the damage that their collapse could cause an ailing economy but voicing concern about the cost to the taxpayers of rescuing Detroit.

“There are no good options here,” said Sen. Jack Reed. “To allow these companies to go into bankruptcy will mean the loss of thousands of jobs in Rhode Island,” such as auto dealers and suppliers of parts, he said — not to mention the millions of prospective job losses nationwide.

While stressing that he must examine the still-incomplete federal loan package when it is presented to the Senate, Reed said it appears that the measure could allow the automakers to fashion “a sustainable business plan” with substantial concessions from all parties concerned: corporate management, labor, dealers and so on.

Still, Reed said the auto industry’s dire situation is the result of “years of poor decision-making in Detroit.” There is, moreover, “a growing frustration across the country” about the need for the government to wade in and rescue foundering industries, Reed said in an interview.

Representatives Patrick J. Kennedy and James R. Langevin both issued statements that expressed grave concern about the prospect of failure in the auto industry.

“We cannot afford to ignore the repercussions this would have on working families, workers who depend on these salaries, health benefits and retirement packages,” Kennedy said. “At a time when we are trying to stem the wave of foreclosures, it doesn’t make sense to ignore the urgency of providing a loan-assistance program that will protect millions of jobs.”

Kennedy praised such provisions of the bill as its “strict limits on executive compensation,” the ban on “golden parachutes,” and labor’s concessions.

Langevin said he believes that “ultimately it is in the best interests of the economy overall to extend some assistance to the automakers, as their failure could trigger massive job losses and ripple effects throughout a wide range of industries. However, I feel strongly that any aid must come with strict conditions and requirements for restructuring and cost-cutting, along with accountability to taxpayers. Final details of the legislation are still being debated, but I will be carefully reviewing the loan proposal with these concerns in mind.”

Sen. Sheldon Whitehouse was on the fence yesterday, calling himself “deeply skeptical about this proposal” and undecided about how to vote on it.

Whitehouse said his contacts with constituents show a split “and with good reason: Detroit got itself into this mess, most notably in its utter failure to adapt to diminishing energy resources and consumer demand for fuel-efficient vehicles.”

But he also noted in a statement that the industry “supports thousands of jobs for Rhode Islanders” whose families “would be deeply affected by its collapse.”

Whitehouse said, “We’ve been burned once already on taxpayer-funded bailouts,” referring to the management of the huge rescue package enacted in October for the financial industry.

Whitehouse spoke of the need for “kicking the tires and looking under the hood, to determine whether a bailout for the auto industry is the right answer for our country.”

jmulligan@belo-dc.com