DETROIT (AP) -- United Auto Workers President Ron Gettelfinger says the Bush administration and Congress need to come to an agreement on aid for the domestic auto industry because "inaction is simply not an option."
At a news conference in Detroit Thursday, Gettelfinger acknowledged there is disagreement about how aid should be given, but "both the Bush administration and congressional leaders agree that immediate assistance is needed, and the cost of not acting would be devastating."
Top Senate Democrats have canceled plans for a vote on a bill to carve $25 billion in new loans for automakers out of the $700 billion Wall Street rescue fund. Democratic and Republican senators from auto industry states are trying to reach an alternative deal, but it's unlikely it will be considered until after Thanksgiving.
Gettelfinger says without help, one or more of the Detroit Three automakers could collapse by the end of this year, and "the costs that would come from this are just too great."