I've read that Facebook has actually been trying to reduce their reliance on news in all their products, so the answer is actually a possible "yes", they would do a global news block.
I'd that were done, elections would look very different.
"We care. We 'cut taxes for you' and cut consolidated services so you have to pay more and don't get a deal, and we gave the proceeds to our friends as tax breaks, and we didn't make people clean up oil wells if we know them, but we still care about you." should get a response Very Different from what it gets now.