Big Three Warn: 'Cost Would Be Catastrophic'

Automakers Face Uphill Battle

Automakers are working hard to convince the American people that the fate of their companies will have a lasting impact on the nation's struggling economy.

Chrysler created a short video of assembly line workers and dealerships, highlighting what they estimate are 4.5 million jobs at stake.

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General Motors, on its "GM Facts and Fiction" Web site, encourages citizens to contact their representatives in support of federal aid for automakers.

Meanwhile, the cash crunch is forcing cuts at the Big Three. Ford is selling its half-a-billion-dollar stake in Mazda, and GM is cutting back on everything, from the millions it spends on sports sponsorships, to office supplies.

An Illinois Chrysler dealer is offering a used car for just $1 to anybody willing to buy a new one.

It's impossible to predict exactly what would happen if any of the Big Three automakers failed; By some estimates, 3 million jobs could be lost in the first year alone.

But, the bailout faces a steep uphill battle. Many in Congress remain skeptical that it would work at all. At the rate the Big Three are losing money, bailout opponents say, they could burn through $25 billion by next spring.