As negotiations between the United Auto Workers and Chrysler LLC continue, a strike deadline of 11 a.m. ET Wednesday draws closer.

If an agreement is not reached by the deadline, approximately 49,000 UAW workers will walk off the job marking the second national strike against an automaker in less than 30 days.

Negotiators worked past 4 a.m. on Tuesday at the Auburn Hills, Michigan headquarters of Chrysler without reaching an agreement.

When talks resume this morning, the difficult issues of benefits and wages were back on the table. UAW president Ron Gettelfinger wrote in a letter to members posted on the Union's website, "The company has thus far failed to make an offer that adequately addresses the needs of our membership."

Due to existing plans at Chrysler to temporarily close a number of plants in response to slow sales, the effect of a national strike would not be immediately felt.

Compared to the UAW workforce at General Motors and Ford, Chrysler has the smallest number of union workers but pays the highest combined current wage and benefit package at more than $75 an hour. Ford pays approximately $70 whereas Toyota pays $48.

Much of the difficulty in the contract negotiations stems from the need for the Detroit Big Three to overcome the huge expense gap with their Asian competitors. Talks between the UAW and Chrysler have been stalled for almost three weeks.