"There is no denying that the risks of letting GM fail are high. Economists warn that if it fails GM is more likely to end up in Chapter 7 bankruptcy liquidation than a Chapter 11 restructuring. Given the current credit crunch the traditional bridge loans available to companies in Chapter 11 are all but impossible to obtain. And few consumers would be likely to buy a car — which depends on long-term warranties, service and parts — from a company in a bankruptcy reorganization. The Big Three and their affiliated suppliers account for 2% of the U.S. workforce, or more than 2.5 million U.S. jobs. GM alone employs over 100,000 workers, the same number of autoworkers that have been laid off so far this year. And that's not to mention the hit the federal government would take when GM dumps its pension, insured by the quasi-governmental agency, the Pension Benefit Guarantee Corp.; with nearly a million participants, it is the largest private defined-benefit pension plan in the U.S. Some experts estimate that that hit alone could cost the taxpayers more than $100 billion, with another $100 billion in lost tax revenues and $10 billion in increased Medicaid expenditures annually."