Treasury Tells GM to Get Set for Bankruptcy

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The Treasury Department is telling General Motors to lay the groundwork for a quick surgical bankruptcy by June 1 -- a bankruptcy that would involve a fast restructuring of the company.

That's despite GM's argument that the company could reorganize outside court.

Click the player to watch the CBN News report followed by Pat Robterson's comments on the possible GM bankruptcy.

The government gave GM a bailout of more than $13 billion a few months ago, but the money doesn't seem to be enough to keep them out of the red.

The New York Times reports that President Obama's auto task force spent last week in meetings with GM and they will continue to hammer out details of a plan to save the company this week.

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