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COPYRIGHT 2005 Voxant Inc.
Original Source: CNBC/DOW JONES BUSINESS VIDEO
PHIL LEBEAU, CNBC CORRESPONDENT: Dylan, this was a historic deal. And Rick Wagoner realizes that this is just the start of what General Motors needs to do if this company is ever going to get back in the black. Essentially, the company will be saving $3 billion a year from its healthcare bill, will be cutting its costs by $3 billion and saving another billion dollars in cash that it pays out for healthcare expenses. But as I said, Mr. Wagoner made it clear just a few minutes ago when he sat down with us, this is what General Motors needs to do for the future.
(BEGIN VIDEO CLIP)
RICK WAGONER, CHAIRMAN & CEO, GENERAL MOTORS: Well, this is a big move by any measure. And I think it should be recognized as such. And the way we got here, I think, is real important, doing this cooperatively with UAW, addressing a tough issue together. Certainly, a thing of this magnitude is pretty much unprecedented. So let`s not look a gift horse in the mouth. This is a tremendous accomplishment.
LEBEAU: Did talks go early...
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