Congressional leaders again grilled the CEOs of General Motors, Chrysler, and Ford on Wednesday about a potential $25 billion bailout, and, at the end of the day, the automakers’ prospects were grim. Alabama Congressman Spencer Bachus, the ranking Republican on the House Financial Services Committee, fiercely criticized the bailout, noting that autoworkers earn more than the majority of his constituents.

The committee chairman Democrat Barney Frank — who supports the bailout — urged his peers to consider the wider implications for the American economy should the Big Three go bankrupt.

All the hullabaloo resulted in Senate Majority Leader Harry Reid calling off a scheduled vote on the bailout. That means that right now automakers are left in the lurch, especially General Motors, which reported in early November that it would likely run out of cash by the end of this year or early next year, squeezed tight by the credit crunch and poor sales. On Tuesday, Chrysler CEO Robert Nardelli told the Senate Banking Committee that his company faced a similar fate.

Let’s take a look at some of the consequences we might see should the Big Three indeed be heading the way of the dodo.

1) CEOs say bankruptcy is not a viable option. The heads of GM, Ford, and Chrysler all said they had looked into filing for bankruptcy, but that the move would likely lead to closure, as research shows customers are unwilling to buy from bankrupt automakers and suppliers would start demanding cash for parts.

2) Should the Big 3 close, consumers would likely feel the pinch. If the supply of U.S. vehicles drops off suddenly, that will probably force car and truck prices up. The failure of the Big 3 would also result in the closings of many related businesses, making finding replacement parts for American and Asian cars more difficult.

3) Foreign auto manufacturers may expand their production in America. On the New York Times’ Web site Thursday, Catherine Rampell astutely points out that the failure of the Big Three could provide a great opportunity for foreign car makers. Manufacturing vehicles in the U.S. would cut down on transportation costs, and foreign companies would find a trained workforce ready to be hired.

On Thursday, the United Auto Workers union again urged Congress to come to some loan agreement before its adjournment on Friday and, in return Senator Harry Reid requested the Big Three submit plans to detail how exactly they will spend $25 billion. Only time will tell how this will play out, so buckle your seatbelts kids.