U.S. auto sector bankruptcy would devastate: GM CEO

DETROIT (Reuters) - U.S. auto industry bankruptcies would have a devastating impact on the domestic economy, many times larger than the aid automakers seek, General Motors Corp Chief Executive Rick Wagoner said on Sunday.

"This is an issue of the whole auto industry, if that becomes under severe pressure, the impact on the whole U.S. economy will be devastating," Wagoner said in an appearance on a NBC-affiliated television station in Detroit.

Wagoner, the chief executives of Ford Motor Co and Chrysler CBS.UL, and United Auto Workers union President Ron Gettelfinger are expected to testify to U.S. congressional committees this week in support of aid to the auto industry.

Democrats have moved to direct $25 billion of loans to the Detroit-based automakers, who have argued that they need the liquidity to survive the industry downturn in which U.S. auto sales have plunged to the lowest levels in a quarter century.

However, an auto industry bailout has hit stiff opposition from Republican senators and representatives who question whether the automakers would be viable even with the support.

The White House also has warned pushing a bailout using the $700 billion financial rescue fund already approved could lead to partisan gridlock and has suggested loosening restrictions on $25 billion of low-interest loans already approved for investments in fuel efficiency improvements.

Wagoner said GM's financial needs stem directly from the Wall Street financial crisis, and the aid automakers seek should not be looked at in terms of "federalizing a business."

"The financial system is failing to supply the credit that is necessary for small businesses, big businesses, any businesses to operate on a daily basis," Wagoner said.

The path out of bankruptcy would not be simple, he said.

"This idea that you just go into Chapter 11 and hang around for three months and agree to reduce your debt obligations and don't pay your retirees, this is a fantasy," Wagoner said. "Most people will stop buying the cars of a bankrupt company."

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Sen. Ted Cruz: NOBODY should be afraid of Trump's Supreme Court justice pick

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Sen. Ted Cruz (R-Texas) joined Glenn Beck on the radio program Wednesday to weigh in on President Donald Trump's potential Supreme Court nominees and talk about his timely new book, "One Vote Away: How a Single Supreme Court Seat Can Change History."

Sen. Cruz argued that, while Congressional Democrats are outraged over President Trump's chance at a third court appointment, no one on either side should be afraid of a Supreme Court justice being appointed if it's done according to the founding documents. That's why it's crucial that the GOP fills the vacant seat with a true constitutionalist.

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Sen. Mike Lee (R-Utah) joined Glenn Beck on the radio program Wednesday to talk about why he believes President Donald Trump will nominate Judge Amy Coney Barrett to fill the Supreme Court vacancy created by Justice Ruth Bader Ginsburg's death.

Lee, a member of the Senate Judiciary Committee that will consider and vote on the nominee, also weighed in on another Supreme Court contender: Judge Barbara Lagoa. Lee said he would not be comfortable confirming Lagoa without learning more about her history as it pertains to upholding the U.S. Constitution.

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This week on the Glenn Beck Podcast, Glenn spoke with Vox co-founder Matthew Yglesias about his new book, "One Billion Americans: The Case for Thinking Bigger."

Matthew and Glenn agree that, while conservatives and liberals may disagree on a lot, we're not as far apart as some make it seem. If we truly want America to continue doing great things, we must spend less time fighting amongst ourselves.

Watch a clip from the full interview with Matthew Yglesias below:


Find the full podcast on Glenn's YouTube channel or on Blaze Media's podcast network.

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'A convenient boogeyman for misinformation artists': Why is the New York Times defending George Soros?

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On the "Glenn Beck Radio Program" Tuesday, Glenn discussed the details of a recent New York Times article that claims left-wing billionaire financier George Soros "has become a convenient boogeyman for misinformation artists who have falsely claimed that he funds spontaneous Black Lives Matter protests as well as antifa, the decentralized and largely online, far-left activist network that opposes President Trump."

The Times article followed last week's bizarre Fox News segment in which former House Speaker Newt Gingrich appeared to be censored for criticizing Soros (read more here). The article also labeled Glenn a "conspiracy theorist" for his tweet supporting Gingrich.

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