By Doug Cunningham

[Gettelfinger]: “I believe that we could lose General Motors by the end of this month.” by the end of this month.”

[Gov. Granholm]: “If we let these auto industries fail, it will turn a recession into a depression.”

UAW President Ron Gettelfinger and Michigan Governor Jennifer Granholm on the emergency faced by the U.S. auto industry.
After hearing more testimony Thursday, Congress may reconvene soon to provide federal loans to the beleaguered U.S. Auto industry. Senate Banking Committee Chair Chris Dodd says Congress must act to save the industry.

[Dodd]: “Not for the purpose of saving a hand full of companies. If that were the extent of the issue, I would let them fail. I acknowledge there are those who advocate such a course on the assumption that pressure from the outside will produce the desired results. My concern with such an approach is that it plays Russian roulette with the entire economy of the United States.”

House Speaker Nancy Pelosi says bankruptcy for the Detroit Three is “not an option.” UAW President Ron Gettelfinger says as Congress considers approving $34 billion in loans Congress has missed some changes beyond union concessions that are needed for the success of the U.S. auto industry.

[Gettelfinger]: “Unfair trade agreements, supporting our competition to come in, not doing anything about health care in this country, or what do we do about not having an industrial policy? Those are the things that I think we’re missing in this picture.”