Skip to comments.Senate to vote on bailout Wednesday (additions made by Senate)
Posted on 09/30/2008 8:08:08 PM PDT by Fred
The package before the Senate will be similar to the House version, with these additions, the New York Times reported in its online edition:
* The higher limit for insured bank deposits sought by the Federal Deposit Insurance Corp., which asked to raise the cap to $250,000 from $100,000, to quell opposition by individual and small-business depositors.
* Tax breaks for businesses and alternative energy, part of a package that has been caught in a stalemate in the House of Representatives. The Senate version of the gridlocked tax legislation would cost more than $100 billion and extend and expand many individual and business tax breaks, including tax credits for the production and use of renewable energy sources, like solar energy and wind power, the Times said. It would also extend the business tax credit for research and development, expand the child tax credit, protect millions of families from the alternative minimum tax and provide tax relief to victims of recent floods, tornadoes and severe storms, according to the Times..
Senate Majority Leader Harry Reid, D-Nev., said details of the proposal wouldn't be available until Wednesday, the Times reported.
If the Senate approves the package, it would go to the House, which doesn't reconvene until noon Eastern on Thursday.
The House's rejection triggered an historic, 777-point drop for the Dow Jones Industrial Average. The Senate development comes after members of both houses went back to the drawing board Tuesday in an effort to craft a new version of rescue package for the financial markets.
(Excerpt) Read more at marketwatch.com ...
$100 billion on top of the $700 billion? What is going on here? Goodies for all.
This thing will end up costing a trillion with all the add ons. That will show us peons for calling to voice our complaints.
Better yet, one of my Senators is Bennett, you is fourth on the list for Fannie Mae and Freddie Mac contributions. Gee, I wonder what he'll support...
If anyone else wants to see how much Congresscritter has taken in from our lovely GSE's take a look here:
Turning a pig into a turkey...
I understand why American taxpayers who are actually paying attention to what happens with THEIR money would instinctively be angry.
As a Milton Friedman disciple, I’m inclined to say let Darwinian rules apply and let the chips fall where they may. Once the mushroom cloud settles, we’d all be better off.
That’s easier said than done. This is not about the EEEvilll Wall Street folks. You’ve all seen the video about the egalitarian social engineering leftists who got us into this mess by pressuring banks to loan money to the homeless (it’s right there on FR when you log on).
There is plenty of time to sort out who caused this mess. There are plenty of villains.
It’s all fun and games until you can’t get a home, car or business loan. Than it hits Main Street.
I would love to see what exactly is in this bill, but it sounds like we won't have much time to do so before they try to run it up for a vote. I would like to withhold judgment until I see the bill contents, but this is thing sounds like another game of pass it before anyone can read it.
Get ready to flood the Senate with calls tomorrow (at least asking WTH they're voting on).
What an absolute steaming pile of SOCIALIST HORSESHIT. Idiots!
The SOBS are not going to quit until they get what they want. I am sick of having my pocket picked by this crowd.
I am done.
OMG! These bastards are pushing through the same trash from yesterday. The House is working on their own plan, which might be very close to HR 7223.
I have local banks asking me to take credit cards, one today, and the husband took out a signature loan last week over the phone.
I am still ticked... I would like a tax break. And I think the bail out, yes bail out is just wrong. Heard some dude today and he is so right.... how the heck can government do an effective job at selling houses??????????????????
What they should propose is a $700 billion dollar tax cut split between businesses and consumers. Cut corporate tax rates, cut cap gains taxes and cut marginal tax rates. 5% reduction in government spending across the board.
HAHAHAHAHA, that’s a funny one, since when did congress ever let a little thing like the Constitution get in the way of them doing anything they damn well please?
With all the add ons it may be a donkey.
Not exactly. The "cost $100 billion" phrase refers to tax reductions. It "costs" the government when the government reduces taxes. Then that $700 billion, well that's simply the purchasing of an asset that will appreciate in value and return a bonus to your children. Hopefully, you'll survive long enough that they can thank you personally. The Congress that passes this will be long gone into safe and comfortable retirement by then.
Of course, the Senate can not originate a spending bill, only amend one that comes from the House.
Voting to amend a defeated bill does not cause it to come back up for a vote in the House - it remains a defeated bill.
The thieves will loan more of our tax money to each other.
Ohhh teh noes!! I can’t live off of credit anymore!!!
Ohhh the horror!!!
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