Gov. calls auto industry crisis urgent

November 12, 2008 4:58:54 AM PST
Michigan Gov. Jennifer Granholm says the crisis in the auto industry is urgent, and the government needs to act quickly to help U.S. automakers stay afloat. [SIGN UP: Get headlines and breaking news sent to you]

Granholm told CBS' "Early Show" on Wednesday that the auto industry supports one in 10 U.S. jobs. If the industry fails, she says, "there would be a ripple effect throughout the nation."

Michigan is the home of the domestic auto industry, which is suffering under the weight of poor sales, tight credit and a sputtering economy.

Granholm says the government decided to throw $700 billion into the rescue of the financial sector, and "we're just asking for a fraction of that."

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