The battle is now over between proponents of the $14 billion aid package for the Detroit Big Three and those who’ve strongly opposed it. Wired PR News.com – As reported by the Associated Press (AP), those in favor of the bid lost the fight on Thursday night as the bill died in Congress.
The largest dispute over the aid between Republicans and Democrats related to the refusal of the United Auto Workers union to concede to wage cuts within the next year. As noted in the AP report, Republicans wanted the union to agree to pay amounts that were similar to that of Japanese carmakers.
Now, three million more jobs are at stake as the auto industry faces a collapse. Democratic leaders have reportedly asked President George Bush to administer some of the $700 billion in aid allocated for Wall Street to the struggling carmakers. Majority Leader Harry Reid was quoted in the AP report as stating the bill’s failure was “a loss for the country… I dread looking at Wall Street tomorrow. It’s not going to be a pleasant sight.”