Detroit Big 3 Bailout Stuck In Senate, United Auto Workers Refuses Wage Cuts

After being approved by the United States House of Representatives with a vote of 237 to 170 and proceeding to the Senate to be voted on this evening, the Detroit Big 3 bailout collapsed after the United Auto Workers refused to approve wage cuts for employees, halting the bill for desperate automakers General Motors, Chrysler LLC, and Ford Motor Company. Senate Majority Leader, Harry Reid, commented afterward stating he was “terribly disappointed” with the UAW’s decision and even hinted at the reaction of the economy tomorrow morning, “I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight”. We’ll see what happens.

Sources: US House via MSNBC, Autoblog, Jalopnik.

Tags: Chrysler, Ford, General Motors

Category: News