GM, UAW Talk Past Deadline
Contracts renewed on hourly basis
By Lucas Laursen,  Newser Staff
Posted Sep 15, 2007 6:05 AM CDT
In this photo provided by General Motors, General Motors Chairman and CEO Rick Wagoner, left, and International UAW President Ron Gettelfinger shake hands to the kick-off the 2007 UAW-GM national contract...   (Associated Press)
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(Newser) – The United Auto Workers and General Motors talked four hours past their midnight deadline for contract negotiations before agreeing to resume bargaining later today. They extended talks on an "hour-to-hour" basis on a deal that would include a union-controlled trust to assume GM's $50-billion liability for retiree health care.

The UAW is open to the plan, the Wall Street Journal reports, but was asking for more funding for the trust than GM had offered. The UAW chose GM as the lead negotiator—and strike target—this year because GM is financially healthiest but also has the largest pension burden, according to the Journal, and any deal brokered with them should be acceptable to Ford and Chrysler.