The financial crisis is hurting everyone and it has crippled the American auto industry. The big three American car makers, Ford, GM, and Chrysler, went before House Financial Services to ask for $25 billion to keep their companies out of bankruptcy.

The big three's failure would cost millions their jobs.

The CEOs of Ford, General Motors, and Chrysler say that the economic collapse has directly affected there companies and if they don't get a $25 billion bailout they will go bankrupt.

Rick Wagoner, CEO of General Motors, said, "Our industry has been hit very hard by the global financial market crisis and the recent plunge in vehicle sales threatens general motors ongoing turnaround, but our very survival."

Local car dealer George Gainer, who owns Bay Lincoln, Mercury, Dodge, which sells products from two of the big three companies, wants the government to step in and help fix the crisis.

"GM wouldn't last that long. I think Chrysler can make it probably another year, I think Ford is good for another year if they did nothing. But at this point I think the automobile industry which has been the back bone of this country need some help, and I think the country ought to try and rise to that occasion."

The collapse of the big three American auto makers could hurt several local businesses, but auto parts stores like O'Reilly auto parts could see an increase in their business.

Kyle McKendree, O'Reilly Auto Parts Assistant Manager, said, "I think they go hand in hand. If they do stop producing as many cars I believe in the long-term it's going to increase our business because people aren't going to go and trade in cars they are going to start having to fix the cars that they have. They're going to just fix what they have, and come here which will eventually increase our sales."

If the auto industry is not bailed out they would face bankruptcy within a few months. Wagoner says as many as three million jobs could be lost by the end of next year.

The hardest hit won't be CEOs; it will be the workers in manufacturing plants and employees at local dealerships. Getting the bailout is an uphill battle. The Bush Administration staunchly opposes it.

After today's testimony it looks as though there is still not enough support on Capitol Hill to pass the bailout for the auto industry.