Bridge loans for the auto industry

1. It's good news that loans have been released to keep America's auto factories open.

• Good news for workers and their families at automakers, dealers, suppliers and others who are part of the auto industry that emergency bridge loans have been released to help America's auto companies weather the current financial crisis.

• This will help save millions of jobs, thousands of companies and hundreds of billions of dollars for taxpayers.

• All this could have been lost if one or more automakers were forced into liquidation.

2. A victory for UAW members and auto industry stakeholders.

• Against tall odds, UAW members and others who are part of the auto industry carried out a successful grassroots campaign to save jobs.

• We convinced a majority in the House and Senate and the White House to back legislation for emergency bridge loans.

• When a minority of senators blocked passage of this critical bill, President Bush reversed his position and agreed to release Troubled Assets Relief Program (TARP) funds to help the auto industry.

3. The UAW appreciates President Bush's action to release these emergency funds, but we’re disappointed he attached strings which unfairly single out workers.

• These targets were not in the bipartisan legislation which passed the House of Representatives and which won support from a majority of senators.

• It's unfair and unworkable to single out one group to bear the burden of restructuring the auto industry. We will work with the Obama Administration and the new Congress to have these unfair targets removed.

• To succeed in rebuilding our industry, all groups must participate -- management, directors, dealers, suppliers, bondholders and workers.

4. Hard work still ahead.

• In the coming months, we'll work with all stakeholders to create a viable long-term future for the auto industry.

• This will include top quality cars for consumers and building the fuel-efficient cars of the future and key components here in the United States.

• Sacrifices will be required from all stakeholders.

• Working together, we can succeed -- the same way we won support for the emergency bridge loans which will help save American jobs and American companies.