UAW chief happy that Treasury may save auto industry

DETROIT (AP) — United Auto Workers President Ron Gettelfinger says Republican senators who thwarted a compromise bailout bill want workers and retirees to shoulder the entire cost of restructuring the U.S. auto industry.

Gettelfinger said at a news conference Friday in Detroit that he's happy the Treasury Department says it's ready to act to stop a possible collapse of the industry.

He says he doesn't think the union will have to negotiate wage cuts or other terms with the White House for the industry to get federal loans.

General Motors Corp. and Chrysler LLC are seeking $14 billion in federal loans to make it through March. Both companies say they are running critically low on cash.

A deal to provide the loans collapsed in the Senate Thursday night after negotiations between lawmakers and the UAW over steep wage cuts fell apart.