Collapse comes after bipartisan talks break down over union wage cuts
WASHINGTON – A $14-billion emergency bailout for U.S. automakers collapsed in the Senate after the United Auto Workers union refused to accede to Republican demands for swift wage cuts.
The collapse late Thursday came after bipartisan talks on the auto rescue broke down over Republican demands that the union agree to steep wage cuts by 2009 to bring their pay into line with Japanese carmakers.
“We were about three words away from a deal,” said Sen. Bob Corker of Tennessee, the GOP’s point man in the negotiations, referring to any date in 2009 on which the UAW would accept wage cuts.
Filed under: Auto Industry, Auto Industry Bailout, Bailout, Chrysler LLC, Detroit 3, Detroit 3 Bailout, Ford Motor Company, General Motors, Tax Payer Rip Offs | Tagged: Auto Bailout, Auto Bailout Bill Fails, Detroit 3 Bailout |