The sticking point apparently was the union’s refusal to agree to lower wage and benefit rates as soon as next year.
Representatives for the union … sought instead to push any more concessions back to 2011, when the U.A.W.’s contract with Detroit auto companies expires.
Allahpundit’s thoughts:
Would the union have agreed to Corker’s plan if they didn’t have Bush waiting in the wings to bail them out with TARP money? (Yup, says Corker.) After all, TARP is a sweeter deal for them than Corker’s bill since, as one White House source noted, the loans come with few strings attached. Thus have the inefficiencies of the initial Wall Street bailout made this bailout more inefficient, too.
Video here.
Call (or email) the White House and demand that President Bush represent the wishes of the people and support the work of the Congressional Republicans.
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