Terrible news from the North Pole, to add to the nation’s economic woes: SantaCorp Pleads Case For Bailout.

WASHINGTON - Flanked by officials from the United Elf Toytinkerers union, SantaCorp CEO Kris Kringle today told the House Ways and Means Committee that without immediate government financial help, his firm would be forced to declare bankruptcy, lay off thousands of elves and reindeer, and potentially cancel its annual worldwide Christmas Eve toy delivery.

“These are grim economic times for everyone, but even more so for non-profit toy manufacturers in the Snow Belt,” said Kringle. “Our accountants have indicated that we are on track to exhaust our reserves of cash and magical pixie fairydust by December 23. Oh deary me.”

Kringle and UET union president Binky McGiggles presented a draft emergency bailout plan to the committee calling for US $18 trillion in federal grants, loan guarantees, and sugarplum gumdrops that they said would keep the company solvent through December 26.

“We believe this proposal shows that management and labor can work together to craft a reasonable, financially responsible short-term survival plan,” said McGiggles. “After the new Congress is seated in January, we would be happy to return to present a long-term package to get us through April.”

Kringle warned that failure to approve the plan would have dire global economic consequences.

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