UAW members are celebrating a victory today -- the release of emergency bridge loans for the U.S. auto industry.
With these funds, America's factories will stay open. The domestic auto industry now has a chance to weather the current economic crisis and work on a restructuring plan for long-term viability.
Just a few weeks ago, the prospects for our industry and our jobs were grim. Unlike Wall Street banks and insurance companies, which received hundreds of billions of dollars with almost no strings attached, Main Street manufacturers were subject to intense scrutiny by Congress. It was not clear that we could win support for emergency assistance.
Who turned this situation around? You did. Your grassroots efforts -- along with a coalition of dealers, suppliers and other industry stakeholders -- won support for legislation which passed the House and had majority support in the U.S. Senate.
When a minority of senators blocked passage of this bill, President Bush reversed his position and agreed to use a portion of the $700 billion Troubled Assets Relief Program (TARP) to assist our industry.
We still have more hard work to do. Unfortunately, President Bush attached strings to the loans which unfairly single out workers. We will be working with the Obama Administration and the new Congress to get these unfair targets removed.
We will need your help to make sure that workers and retirees are treated fairly as the process of restructuring the domestic auto industry continues in the months ahead.
We know we can count on you. Millions of American families have a brighter future today because of all that you have already accomplished.
Thanks so much for all of your efforts on behalf of our union and our communities.
Visit the web address below to tell your friends about this.
Tell-a-friend:
http://www.unionvoice.org/Uawire/join-forward.tcl?domain=Uawire&r=If you received this message from a friend, you can sign up for UAWire:
http://www.unionvoice.org/Uawire/join.html?r=1pve8kYq3rsCE