Exec says auto industry could drive country into depression

The nation's Big Three automakers may be putting out
more "sale" signs in order to avoid collapse.

The failure of any of the Big Three automakers could send the United States into another depression.

That's according to Chrysler Vice Chairman Jim Press, who - on the heels of a report General Motors could be headed to bankruptcy within a month - said U.S. automakers are "down to months left" as they call on the government to send the industry a $34 billion aid package.

If we have a catastrophic failure of one of these car companies, in this tender environment for the economy, it's a huge blow. It could trigger a depression." - Jim Press, Chrysler's vice chairman, in comments to The Associated Press

How bad is it for automakers? The United Auto Workers, noted for their reluctance to approve givebacks to their bosses, held an emergency meeting in Detroit and agreed to allow the Big Three (Ford, Chrysler and GM) to delay payments to the union's health-care trust - and cut back on a "Jobs Bank" program that allows workers who have been laid off to continue to receive most if not all of their salaries.

And union head Ron Gettelfinger said the UAW was considering even more givebacks.

Today's comments come in advance of congressional hearings Thursday and Friday to decide whether legislators should have a special session in advance of the holidays to decide whether to approve an auto industry bailoout.

Read more about the auto industry's woes from this Examiner in Birmingham.