Welcome to the Cadillac XLR Forums!
  • The Cadillac XLR Net is now on instagram! Follow Us!

UAW to Congress: Get a deal done

Rob

Seasoned Member
Staff member
Site Administrator
Joined
Oct 7, 2006
Messages
5,325
Location
New Hampshire
My XLR/V(s)
Not yet!
UAW to Congress: Get a deal done

Autoworkers union calls on government to give aid to GM, Ford and Chrysler before Congress adjourns.

By David Goldman, CNNMoney.com staff writer
Last Updated: November 20, 2008: 1:03 PM ET

NEW YORK (CNNMoney.com)
-- The United Auto Workers union called on Congress and the Bush administration on Thursday to get a loan to U.S. automakers to prevent their collapse before the legislature adjourns Friday.

"Congress must not adjourn with the Bush administration in place without an agreement," said UAW President Ron Gettelfinger. "If there's no action, we could see the collapse of one or more domestic auto companies by the end of year."

In the middle of a press conference Thursday, Gettelfinger learned of a Detroit Free Press report that Congress had reached a compromise deal on a $25 billion bridge loan for the industry.

Gettelfinger said he remained "very hopeful" that a deal could get done, saying the cost of not acting would be devastating for the industry's employees and the U.S. economy.

"The current recession that we're in would be made much worse," he said, arguing states and cities that depend on the industry for revenue will be forced to end critical programs.

"The importance of this industry cannot be overstated," he added.

The UAW called on Congress to provide a low-interest bridge loan to get the companies through the end of the Bush administration until President-elect Barack Obama can put in place a bigger bailout package that will help restore General Motors (GM, Fortune 500), Ford (F, Fortune 500) and Chrysler to solvency.

"There may be disagreements about how to get it done, but surely it should be possible to work out a way to proceed," Gettelfinger said. "We need a compromise to be reached and voted on today."

Numerous critics of a bailout have argued that GM or any other automaker that can't sustain itself should use bankruptcy protection to make to become competitive, rather than depend on federal assistance.
 

Deluxe

Active Member
Joined
Oct 12, 2007
Messages
39
Location
Florida
My XLR/V(s)
Blue '05
Perhaps the union could offer loans from their retirement funds. If they don't think it's a good deal, then it wouldn't be a good deal for the taxpayers either.
 
M

mswaim

Guest
Perhaps the union could offer loans from their retirement funds. If they don't think it's a good deal, then it wouldn't be a good deal for the taxpayers either.

Hey - now that's not a bad idea! Let the Big Three go out to other sources and sell their plan in exchange for cash just like we all have to when we go buy a car, or a house or any other large ticket item where you must prove your income/debt ratio and ability to re-pay. ;)
 

Cadillac XLR Forums

Not a member?  Join now!  It's Free!

Learn more about Supporting Membership

Win a Cadillac CTS-V!

Cadillac CTS-V Dream Giveaway

Supporting Vendors

East Coast Used XLR Parts

Top Hydraulics

Cadillac XLR Registry

Click here to enter the official Cadillac XLR and XLR-V Registry
Top Bottom