DETROIT — A relieved United Auto Workers President Ron Gettelfinger said he's happy that the White House appears poised to step in and rescue the beleaguered auto industry, and he accused GOP senators who blocked emergency loans of trying to "pierce the heart" of organized labor.

Gettelfinger said at a news conference today in Detroit that he doesn't think the union will have to negotiate wage cuts or other terms with the White House for the industry to get federal loans.

General and Chrysler are seeking $14 billion in federal loans to make it through March. Both companies say they are running critically low on cash. Bankruptcy is possible without federal help.

A deal to provide the loans collapsed in the Senate Thursday night after negotiations between lawmakers and the UAW over steep wage cuts fell apart.

The White House said today it will consider using the $700 billion Wall Street bailout fund to prevent the U.S. auto industry from collapsing, and the Treasury Department said it "will stand ready to prevent an imminent failure until Congress reconvenes."