The Canadian Auto Workers union says it is 'disheartened' by the U.S. and Canada's decision to reject restructuring plans from the auto industry but that union members are through negotiating with General Motors.

CAW President Ken Lewenza said GM and the union have already reached a mutual agreement where several concessions have already been made. He said further concessions won't help the industry.

"People need to start buying cars again," he said, blaming the market slump on the industry's lagging sales.

He did say however that the CAW would continue to try and reach a settlement with Chrysler since the two sides were not able to come to an agreement beforehand.

Lewenza announced the CAW's position shortly after the U.S. and Canada announced it would not be issuing bailout funds to Chrysler and GM based on their revamped restructuring plans.

Industry Minister Tony Clement said the restructuring plans that were presented to the government are not realistic.

"I'm here today to say the plans submitted by General Motors and Chrysler to the government of Canada do not go far enough to ensure the long-term viability of these companies," said Industry Minister Tony Clement at a news conference. "Therefore, we have not certified their restructuring plans."

CAW members packed union hall on Phillip Murray Drive in Oshawa Monday morning to watch U.S. President Barack Obama's televised address where he rejected the industry's plea for a loan.

Oshawa Mayor John Gray said he was "bitterly disappointed" at the news.

"When you start using the B-word as in bankruptcy that sends the wrong message," he told CTV Toronto shortly after Obama's speech. "One should never understate what bankruptcy really could mean. It means that the private sector companies will also bite the bullet and not get paid and what kind of cascade effect will that have on other industries?"

He said if the companies go bankrupt there would be "dire consequences for Canada."

Workers said they've been dealing with a lot of stress over the last few weeks as auto manufacturers have tried to hammer out a restructuring deal with union workers that would help convince the U.S. and Canada to hand the industry a financial loan.

One worker told CTV Toronto he's hoping the Canadian government will eventually help the industry recover.

"I've seen a lot of workers who have lost their jobs," he said. "I've seen grown men cry over this. For me it's a real big deal. I don't want to see any more bleeding. The Canadian government has to do something."

Another worker named Joel said the stress has been especially hard on his family as he works for GM and his wife works for Chrysler.

"We've pretty much got all of our eggs into one basket," he said. "When you invest more than 20 years into two different companies in your working life, for this to happen is a huge blow to my family's household."

With a report from CTV Toronto's Zuraidah Alman