Detroit ? With their employers poised to announce billions more in losses and further job cuts today, it’s worry time once again at General Motors Corp. and Ford Motor Co. factories across North America.

Both companies are spending billions more than they’re making amid the worst economic crisis in decades.

Both say that factory production needs to reflect declining sales, which means job cuts.

According to Ford’s top sales analyst and two people briefed on GM’s plans, neither automaker is planning to announce factory closures, although they are likely to cut production by eliminating shifts, banning overtime or temporarily shutting down plants.

The people did not want to be identified because GM’s plans are confidential.

GM also is expected to slow its product development schedule, delaying some models and engines at least for a short time.

Both automakers, though, are expected to report huge losses when they release third-quarter results this morning, a day after their CEOs traveled to Washington to make the case for federal aid for the industry.

“I haven’t heard nothing specific, but we are worried,” said James Kendall, president of UAW Local 23, which represents workers at GM’s parts-stamping factory in Indianapolis.

“Absolutely, we’re worried. Who knows what’s going to happen?”

Kendall’s concerns were echoed at Ford and GM factories elsewhere as workers braced for cuts and waited to learn if the government will toss their companies a lifeline.

Industry analysts say Ford and GM likely are spending around $1 billion a month above their revenue. With credit markets frozen and their credit ratings cut to junk, both have had difficulty borrowing more money, raising the prospect that they could run short of cash.

Barclays Capital analyst Brian Johnson on Thursday estimated that GM burned through $4.2 billion of cash in the third quarter and will end 2008 with $15.9 billion.

With no sales improvement expected next year and without government aid, Johnson expects GM’s cash balance to fall to $5 billion next year, “below the company’s $14 billion minimum working cash needs.”

Automakers blame tight credit markets and shaken consumer confidence.