From CNN's Jack Cafferty:
The fate of the U.S. auto industry is still unknown. The $14-billion bailout bill died in the Senate after a dispute over union wage cuts.
Senate Republicans said the bill wouldn't do enough to put automakers back on their feet. They wanted the Auto Workers Union to accept a lower pay and benefits package similar to what employees make at U.S. factories where Japanese cars are produced. The union balked.
In an unusual move, Labor and Industry representatives met with lawmakers at the Capitol last night to try to make it work. But eventually the union walked away unwilling to comply with the demands.
The industry still needs cash to avoid collapse.
General Motors said today they will cut 250,000 cars from their first quarter production schedule by closing 20 factories.
President-elect Obama asked the White House to intervene and the White House Press Secretary said all options are under consideration, including the possibility of dipping into the $700-billion Troubled Assets Recovery Program.
So our question is: Should the United Auto Workers Union have accepted wage cuts to save the bailout?
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