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Auto Bailout Talks Collapse

Just saw this news item — so the UAW wouldn’t agree to wage cuts??  

S&P futures doubled their losses with this news, now down 33 37 43 points.

Auto bailout talks collapse over union wages

By JULIE HIRSCHFELD DAVIS and KEN THOMAS, Associated Press

WASHINGTON – A $14 billion emergency bailout for U.S. automakers collapsed in the Senate Thursday night after the United Auto Workers refused to accede to Republican demands for swift wage cuts.

Senate Majority Leader Harry Reid said he was "terribly disappointed" about the demise of an emerging bipartisan deal to rescue Detroit’s Big Three.

He spoke shortly after Republicans left a closed-door meeting where they balked at giving the automakers federal aid unless their powerful union agreed to slash wages next year to bring them into line with those of Japanese carmakers...

Reid called the bill’s collapse "a loss for the country," adding "I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight."

The implosion followed an unprecedented marathon set of talks at the Capitol among labor, the auto industry and lawmakers who bargained into the night…  more here.

$14B auto bailout dies in Senate

Update by JULIE HIRSCHFELD DAVIS and KEN THOMAS

A $14 billion bailout for Detroit‘s struggling Big Three has died in the Senate after failing on a procedural vote…

Majority Leader Harry Reid said he hoped President George W. Bush would tap the $700 billion Wall Street bailout fund for emergency aid to the automakers. General Motors and Chrysler have said they could be weeks from collapse. Ford says it does not need federal help now, but its survival is far from certain.

 


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