- 3 million lost jobs.
- Thousands of businesses at risk.
- Hundreds of billions in lost tax revenue -- far more than the assistance being requested.
- Health care and pensions are risk for millions of workers; taxpayers at risk for these obligations if companies fail.
- With 500,000 jobs lost in November, America cannot afford another economic disaster.
- If Congress fails to act and the auto companies fail, it could turn today's deep recession into a depression.
4. UAW supports tough conditions in exchange for emergency bridge loans.
- Limits on executive pay.
- An equity stake to protect taxpayers.
- Ongoing Congressional oversight.
- Bringing all stakeholders together to restructure company operations and ensure long-term viability.
- Long-term viability includes a commitment by automakers to re-tool U.S. facilities to build the fuel-efficient vehicles of the future. If green technology funds are used for the emergency loans, they should be replenished right away in the next Congress.
5. MESSAGE TO CONGRESS:
- Congress must act this week to avoid the terrible consequences that would result from a collapse of the domestic automakers.
- A bipartisan compromise for an emergency bridge loan will keep America's factories open during the current economic crisis.
- The emergency loans should include requirements that will protect the taxpayers, and ensure accountability and long term viability of the domestic auto companies.