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.

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."