Well, in case you've missed it tonight, the Senate's attempt at a deal collapsed. At the heart of demise of the bill were Republicans refusal to pass the legislation handed to the chamber. Lead by Tennessee Senator, Bob Corker, the GOP demanded that the UAW take further wage cuts earlier than proposed. Corker and others wanted union wages to meet parity to those found by transplants like Toyota or Honda in southern states.
After a marathon day of negotiations, top Democrats, including Senate Banking Chairman Christopher Dodd of Connecticut, appeared close to a deal that would toughen the $14 billion bailout package, in a bid to raise Republican support. The focus of talks was on seeking commitments of a to restructure the industry's debt load and bring labor costs in line with wages paid by Toyota Motor Corp. and Nissan Motor Co. in the U.S., among other things.
But those talks fell apart after Republicans insisted that wages reach parity in 2009. Sen. Bob Corker (R., Tenn.), who emerged a pivotal player this week in negotiations over the industry's future, said negotiators were "three words away" from striking a bipartisan compromise.
-excerpt from "Auto Bailout Talks Collapse Over Union Wages"
In a related matter, General Motors, it is being reported, is already seeking bankruptcy council.