Auto industry bailout not dead; UAW chief deflects criticism

November 20, 12:50 PMBusiness ExaminerDarrell Proctor

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UAW President Ron Gettelfinger says unions
are not to blame for troubles in the auto
industry. (Detroit News)

UAW President Ron Gettelfinger said today the government must come up with a bailout package for the nation's Big Three automakers.

Moments later, it was announced that several key senators have reached a compromise on a $25 billion package that was considered dead Wednesday.

There remain questions about whether there are enough votes in the Senate to pass the package, and whether it will happen today. But the announcement showed that the possible economic fallout from a failure by any of General Motors, Ford or Chysler could have devastating consequences for an already awful U.S. economy.

A draft of the compromise shows that the $25 billion Congress earmarked in September for retooling auto plants over the next several years would instead go to automakers immediately.

Gettelfinger, meanwhile, deflected criticism from lawmakers who said the UAW - and its influence on automakers' wage structure - was to blame for many of the Big Three's troubles.

“We’ve been transforming for a long time. It is not our fault that the economy is in the tank," Gettelfinger said.

For another view of the auto industry, check out the Global Warming Examiner.