UAW Chief: 'Key Senators' Reach Preliminary Deal On Autos
Thursday November 20th, 2008 / 19h34
By Sharon Terlep Of DOW JONES NEWSWIRES DETROIT -(Dow Jones)- The head of the United Auto Workers union expressed hope that a bipartisan deal to help floundering auto makers can be reached Thursday, despite skepticism among some lawmakers that Senate leaders would agree to a pact. UAW President Ron Gettelfinger revealed news of the proposed deal during a previously-arranged news conference in Detroit, sending shares of Ford Motor Co. (F) and General Motors Corp. (GM) sharply higher. The office of Sen. Carl Levin, D-Mich., said an agreement had been reached, with lawmakers due to brief reporters at 2:30 p.m. Eastern Thursday. Gettelfinger had earlier reiterated the UAW's appeal for additional government support, warning that one or more of the Detroit 3 auto makers faced collapse within six weeks unless Congress authorized further backing. "Time is of the essence here," said Gettelfinger, who this week joined executives of Ford, Chrysler LLC (C.XX) and GM to lobby for help on Capitol Hill. Gettelfinger said he didn't know if ousting one of the companies' CEOs would help, but added that executives should go if it helped to secure financial support. "It is critically important for the Bush administration and Congress to take action. Inaction is simply not any option," he said. When asked if the UAW would be willing to agree to deeper concessions, Gettelfinger pointed to past sacrifices but said the "UAW is at the table every day." Ford shares were recently up 26.2% at $1.58, having fallen as low as $1.01 earlier in the session. GM shares were 16.9% higher at $3.25. -By Sharon Terlep, Dow Jones Newswires; 248-204-5532; sharon.terlep@dowjones.com. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=ZeJWYD76SSUIrDh7xN%2BBbg%3D%3D. You can use this link on the day this article is published and the following day.
