Detroit automakers are expressing concern about America's looming "fiscal cliff" and say going off it could spell disaster for an industry still recovering from the last economic crisis.
The fiscal cliff refers to the billions of dollars worth of automatic tax increases and spending cuts that will begin taking place on Jan. 1 unless the Obama administration and Congress do something to stop it before then. If not, government analysts say another recession is likely.
"It is vitally important for the economy that we work this out," Ford Motor Co. Executive Chairman Bill Ford Jr. told reporters Monday. "We (Ford) are not isolated from what happens in the rest of the country."