The Collaborative International Dictionary of English v.0.48:
handbasket \hand"bask*et\ n. a container that is usually woven and has handles. Syn: basket. [WordNet 1.5] go to hell in a handbasket to deteriorate substantially and quickly; as, after they lost the contract, the company's profits went to hell in a handbasket. [PJC]WordNet (r) 3.0 (2006):
handbasket n 1: a container that is usually woven and has handles [syn: basket, handbasket]