General Motors and the UAW have wrapped up another night of negotiating without a contract agreement. This agreement affects the lives of all stakeholders, including 73,000 active UAW workers and 340,000 retirees. The bargaining between GM and the UAW is important because details will have a large impact on the negotiations between the union and Ford and Chrysler LLC. In the meantime, the contracts with both automakers has been extended indefinitely until an agreement is finalized with GM.

One issue for all three domestic auto companies is the $25/hr labor cost gap with foreign competitors like Honda and Toyota. The pay gap allows for a competitive disadvantage as the automakers see their market share dwindle. Other issues during contract talks include job security, the Voluntary Employee Beneficiary Association (VEBA) health care arrangement and other high stakes bargaining such as  the elimination of union facility workers. Add to the mix that the whole thing could be void if the rank-and-file aren't willing to ratify the agreement.

Official details on the multi-billion dollar issues are few however, as both sides remain tight-lipped. Analysts have said that the lack of leaks indicates the level of dedication both sides have to this round of contract talks. Hourly workers are working with no delays but are poised to walk out on strike at a moments notice.

We don't care how long it takes for a ground-breaking deal to be struck, but we do know that a prolonged strike wouldn't help anybody in any way. Lets hope this is settled quickly.