WASHINGTON, United States -- The US Treasury said Tuesday it would take time for the world's largest economy to begin to recover despite a massive financial bailout, amid growing fears of a global recession.

Ailing US automakers pleaded for emergency help from lawmakers while Japan faced a grim outlook, with economics minister Kaoru Yosano saying he had "no confidence at all" the world's second-biggest economy would grow next year.

But the head of the European Central Bank, Jean-Claude Trichet, said he had not yet seen deflation trends in the euro zone, which has taken a hit from the global financial crisis.

"On both sides of the Atlantic as well as on both sides of the Channel, we are doing what is judged to be necessary in various situations," Trichet said.

US Treasury Secretary Henry Paulson said American authorities were working to try to shore up the battered economy, but warned there was no immediate relief in sight.

"The crisis in our financial system had already spilled over into our economy and hurt it. It will take a while to get lending going and repair our financial system, which is essential to an economic recovery," Paulson said.

In testimony to the US Congress, he ruled out dipping into a $700-billion financial package to hand out aid to US automakers, saying the focus had to remain restoring the health of the financial sector.

The Democratic-controlled Congress is demanding President George W. Bush's Republican administration use some of the funds to rescue the embattled auto sector and curb an avalanche of mortgage foreclosures.

The chiefs of the "Big Three" US automakers appealed for a share of the bailout fund, warning the whole economy would suffer if the firms went under.

"Without immediate bridge financing support, Chrysler's liquidity could fall below the level necessary to sustain operations," said Chrysler chairman and chief executive Robert Nardelli.

Nardelli warned a bankruptcy at any of the Big Three US automakers would have a "devastating" impact on the economy and would cost significantly more than the $25 billion in government-backed loans that Chrysler, General Motors and Ford have requested.

Canada's Industry Minister Tony Clement will meet Wednesday in Washington with Big Three executives to discuss their hopes for a bailout, as 340,000 Canadian jobs depend on the automakers' assembly plants in Ontario province, his office said Tuesday.

Ottawa was asked for help, too, in rescuing the Big Three, but has remained uncommitted, while assessing options.