Save Main Street manufacturing

1. UAW supports bipartisan compromise.
It's good news that Congressional leaders and the White House are working on a bipartisan compromise to assist domestic automakers.

2. Bankruptcy is not an option; inaction by Congress is not an option.
We must find a solution this week that keeps the doors open at America's auto plants.

3. The consequence will be devastating if Congress fails to act:
• 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.