Big Three bargaining ends at midnight Wednesday

The United Auto Workers and bargaining teams from General Motors and Chrysler continue labor contract negotiations, with Wednesday's midnight deadline fast approaching.

Ford and the UAW have already agreed to extend contract talks, preventing a possible halt in production.

The major topic on the table is the two-tier wage system that was established four years ago.

The bargaining also entails profit sharing versus lump sum raises, a signing bonus proposal, and no strike pledges, according to Bloomberg.

Bloomberg reports, typically, the UAW reaches an agreement with one automaker and uses that accord to set the so-called pattern with the others.