The U.S. Senate voted 74-25 in favor of a $700 billion financial rescue plan, but senators had to sweeten the deal with extra tax breaks to get the broad bipartisan vote. On Wednesday night, they added $110 billion in tax breaks to bring more Republicans and Democrats to the bailout plan's side.
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Unlike the House on Monday, a bipartisan majority in the Senate got behind the plan to rescue the nation's financial system. The measure now goes to the House where a vote is expected on Friday. It's uncertain how it will be accepted since many House members remain opposed to the bailout concept.
Both presidential nominees support the plan. Democrat Barack Obama and Republican John McCain said it is crucial that Congress passes the financial-rescue package.
San Joaquin Valley Congressman Debvin Nunes remains opposed. "It's garbage, Nunes told reporters. "They're to put more decorations on the Christmas tree, but the problem is the Christmas tree." Those "decorations" are the additional tax breaks.
They include a one-year fix to prevent the alternative-minimum tax from hitting more taxpayers.
The arrogance of this Congress is utterly boundless.
Devin Nunes is a true hero.
If it was such a "crises" why were the Senators seen laughing and joking on the Senate floor?
They are laughing at us because all we do is call on the phone, and send letters.
You may say, "vote them out of office?" They laugh even harder.
This is a very disgusting time in our government, yes, worse then Clinton and Lewinski.
I felt vindicated the other day when El Rushbo complimented a caller for stating what I have said since we were told the public had a crisis of confidence with our financial sysytem by the media.The cisis of confidence is with our government on all levels not our financial system.We are in this situation because of their ineptness and downright criminal behavior by some and the failure of the media to get the truth out there.Americans want to see those in congress responsible exposed and punished for their bad behavior...that will restore confidence. The bailout is a waste of time and taxpayer money even with the artificial sweeteners offered up by the Senate.
After the House turned down the first $700B economic-rescue package, the WSJ ran an article -- No Celebration for Lobbyists (Tues 30Sep08 pA4)-- that described how lobbyists for the financial industry were disappointed given that they had worked hard "to weaken elements of the financial-rescue package that amounted to punishment for the institutions whose failures ignited the crisis." Also in the article was this quote..
"This bill is a clear win for the largest institutions in the system...a way of dumping assets without having to fail or close," said James Rickards, former general counsel for Long Term Capital Management, who negotiated a federal bailout for the defunct hedge fund in 1998, and is now senior managing director at Omnis Inc. "The idea that taxpayers are not going to lose money on this is ridiculous."
How's that for poking a finger in the taxpayers eye?
David R Carlson
Fresno CA
carlsond@pacbell.net
Karl Marx is smiling today. This is a glimpse of what an Obama presidency would be like - government is the only answer to our country's problems.
I say let them fix their own stinking mess. If the media had stayed out of it the people wouldn't be in a panic making Wall street go down.
Well, the bailout bill just got passed by the House. I feel relieved, but not elated. It's sort of like hearing that your family was in an accident and everyone is safe, but the car was totalled.