Why Washington Needs to Keep Boeing Happy

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Jan. 3 (Bloomberg) -- Adam Johnson reports on union negotiations with Boeing. He speaks on Bloomberg Television's "In The Loop. (Source: Bloomberg)

Union in washington will face a critical vote.

At stake, billions of dollars and thousands of jobs.

Adam johnson is with me now.

What are the biggest issues?

Money, money, money.

The deal is so big, rating agencies have said they will potentially downgrade the rating of washington.

Boeing is a huge employer, along with microsoft.

You are talking about a handful of companies.

That is why it is so crucial for washington state.

Boeing has already offered terms of a contract for the production of the 777, which is the newest, latest, and arguably the largest boeing wide-body in production.

Boeing has already offered terms to the machinists to keep jobs in washington and it was twice rejected.

Boeing wants to shift the benefits from a pension plan to a defined benefits program.

Contentious.

Yes.

It would save boeing a lot of money.

Union leadership says they do not want it.

If there is no agreement, you mentioned the 777 -- what happens?

Boeing might look elsewhere.

Charleston, south carolina, is one possibility.

It is bad for washington state and the machinists that live in washington state.

Ultimately, it will be produced somewhere in the u.s.. boeing has high hopes.

If you look at the backlog, it is about one-.. -- one-third.

The expectation is the number will increase as more airlines need the new, larger, wide-body that can be more fuel efficient and faster.

Adam johnson, thank you.

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