Auto bailout could be announced by Wednesday

WASHINGTON (Reuters) - The Bush administration could act as early as Wednesday to approve an automaker bailout from its bank rescue fund, with conditions likely to reflect at least those approved by the U.S. House of Representatives last week, key lawmakers and other sources said on Monday.

A Treasury Department official said the agency and auto company executives continued to review financial and other information, and that no decision had been made. The White House is actively involved in the matter, officials said.

Treasury Secretary Henry Paulson said, however, the government would have to be satisfied the industry could survive and compete in order to receive help.

"We would have to assure ourselves that this was a step on the path to long-term viability," Paulson told Fox News.

House Speaker Nancy Pelosi, a California Democrat, says the administration will likely use part of the $700 billion fund established in October to stabilize the financial services sector, rather than pushing the companies into bankruptcy, as some lawmakers have urged.

"That would be my expectation and I think all the signals coming from the White House are that they know that bankruptcy is not an option and that (stabilization) funds are the only recourse that they have," Pelosi said at a news conference.

General Motors Corp and Chrysler LLC, which is owned by Cerberus Capital Management, have said they need immediate injections of cash to avoid near-term collapse.

Ford Motor Co is seeking a government line of credit to be used if its financial conditions deteriorate more than expected in 2009.

GM, FORD SHARES RISE

GM shares closed 3.6 percent higher at $4.08, while Ford closed up 4.6 percent at $3.18 on the New York Stock Exchange on Monday.

Auto sales have plummeted amid a global economic slump, worsening an already bad financial situation in Detroit. The companies and other bailout proponents say a rescue is necessary to avoid massive job losses during a recession.

Democratic Sen. Carl Levin of Michigan, who helped spearhead a $14 billion rescue proposal that failed in the Senate last week, told reporters in Detroit that he expects help for both GM and Chrysler to come from the bank rescue fund and suggested GM could receive about $8 billion.

The company has said it needs $10 billion to carry it through March.

The U.S. Treasury has committed all but $15 billion from the initial pool of capital in the financial bailout account.

Levin and two other people familiar with the administration's thinking said they believe a decision will be made as early as Wednesday.

Levin said he expected conditions would be similar to those in the bill backed by Democrats and the White House and approved by the House on Wednesday, which was opposed by Senate Republicans.

There could be additional provisions relating to equity that would go to the government in return for assistance, Levin said.

"The president made a deal with the House of Representatives. It passed the House and once the president makes a deal, he's not likely to walk away from it," he said.

Bush told reporters aboard Air Force One on Monday that an announcement was not imminent and the financial bailout fund was a potential source for an auto company rescue.

The House-approved measure included numerous requirements such as the appointment of a trustee, or "car czar" to oversee disbursement of funds and compliance with loan terms. The companies would be required to file restructuring plans by March 31 to qualify for further help and demonstrate their commercial prospects.

The "car czar" could recommend bankruptcy if the plans were unsatisfactory.

Levin said the "car czar" for the remainder of the Bush administration, which ends on January 20, could be Paulson.

Tennessee Republican Sen. Bob Corker, who opposed the bailout but sought a last-ditch compromise in Congress, has encouraged the administration to include tougher conditions.

These could include faster and deeper concessions than planned by the United Auto Workers and an agreement for bondholders to convert a sizable percentage of debt to equity to boost liquidity.

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On the morning of Aug. 15, Asma was a free woman in Kabul. She wore Western clothes. Traveled safely alone. Attended college in a neighboring country with the money her parents had saved. By that evening, her entire world had changed.

For the first time in her life, Asma was confronted with the reality of the Taliban. The horror stories she heard growing up were no longer the nightmare of her parents' generation. They were hers, too. Faced with the impossible decision to stay with her family and risk imminent torture or death, she chose to live, and take on the Taliban face-to-face.

Asma's bravery also led to the rescue of over 150 Afghan college women. She tells Glenn she was willing to die before she let the Taliban take her or the other women. But she didn't do it alone. Her sister Azada, helplessly watching the horror unfold from the U.S., quickly turned to her father's contact list. What follows is a miracle evacuation story that ends with a sisters' reunion and hope for a new future. These brave Afghan sisters have a message for those in their home country still trapped, for the leaders of this country, and for the men and women in uniform (and their families) who may believe the American sacrifices for Afghanistan were in vain.

Finally, a note about the other heroes in the rescue story. The movement of the seven buses of college women into the Kabul airport was a chain with about 8-10 links. Had any one of those links not been present or broken, the young women would not have made it into the airport for evacuation, and three young women taken by the Taliban would not have been recovered.

Glenn and his team would like to give a special thanks to Francisco from Arcis International, Wade and Jim from Commercial Task Force, Blaine from E3 Ranch Foundation, Michael and his crew from Kam Air, No One Left Behind, Samaritan's Purse, and Charmaine, Chris, Geno, John, Lori, Rob, Rudy & the Ground Team from The Nazarene Fund.

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There's been a lot of talk about the idea of a (peaceful) "national divorce" as the Left continues to abandon everything that made America what it is. Well, this week's guest on "The Glenn Beck Podcast" is all for that divorce. Michael Malice is the author of "The Anarchist Handbook" and host of the podcast "Your Welcome." He joined Glenn to talk about how an anarchist would peacefully take on America's greatest challenges — with a smile.

"My rights are not up for discussion," Malice told Glenn. He explained why his version of America will save America, and why, in spite of anxious talk of "national divorce," he has so much hope for the future.

Watch the video clip below or find the full episode of "The Glenn Beck Podcast" here:


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There are new curriculum standards being implemented into schools throughout the nation for health classes that not only go far beyond what's appropriate for young children, but are entrenched in clear political biases, too. Under the standards, third-graders are taught about hormone blockers and endless gender identities, and topics get shockingly graphic for kids as young as 11. Some schools are even teaching their teachers and kids to ignore what parents have to say about these topics. And the worst part may be that many parents are completely unaware what their children are being taught.

Tina Descovich, co-founder of Moms for Liberty, joined "The Glenn Beck Program" to explain exactly what you can ask at your next school board meeting to ensure this "horrifying" curriculum isn't being taught in your kid's school.

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It should come as no surprise that a newsworthy story receives more media coverage when released on a Monday than a Friday. The reason is in part due to a large number of news-consuming Americans checking out for the week to focus on their weekend plans rather than the news.

On Monday's radio program, Glenn Beck shared information that President Joe Biden decided to release on Friday — when fewer people would notice — regarding the Climate Finance report. This report is marketed to Americans as "A Roadmap To Build a Climate-Resilient Economy." But Glenn believes the report to be Biden's Great Reset warning shot to banks.

In this clip, Glenn warned that if Americans don't stand together, in eight years we all indeed will own nothing. Watch the clip for the full story. Can't watch? Download the podcast here.



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