US Senate rejects emergency bill to rescue General Motors and Chrysler
While General Motors Egypt is celebrating its 25th anniversary in Egypt with six full-size page advertorials in the 9-page Al-Ahram Automotive Supplement (12.12.2008) we find the situation on the other side of the world very different. The US Senate late Thursday (11.12.2008) rejected an emergency bill to rescue Detroit automakers, heightening prospects that General Motors and Chrysler LLC may collapse and therefor face a very unpredictable future, which will surely affect GM and Chrysler factories and assembly lines worldwide, including the General Motors Egypt factory and the Chrysler AAV Egypt factory in Cairo. "We have not been able to get this over the finish line," Senate Majority Leader Harry Reid said after 10 p.m., following daylong negotiations to broker a deal among lawmakers, automakers, auto workers and other interest groups. A House-passed bill to provide $14 billion in short-term loans - negotiated by the Bush White House and congressional Democratic leaders - was known to be in trouble. But few could have predicted the final stumbling block: A dispute over when UAW workers would consent to have their wages reduced to match those paid to nonunion workers in U.S. import-brand factories like Toyota, Nissan, Mercedes and BMW.
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