In a nail-biter, the House Friday approved the Bush administration’s historic $700 billion financial markets rescue package, a measure promoted as a means to prevent a U.S. economic collapse.
Lawmakers voted 263-171 to pass the bill, a comfortable margin that was 58 more votes than the measure garnered in Monday’s stunning defeat.
Of the 263 supporters, 172 were Democrats and 91 were Republicans. On Monday, 133 House Republicans joined 95 Democrats in rejecting the measure.
At the White House, President Bush declared, “We have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country.” (from here)
Now for the sake of stupid rich investors, we will become the proud owners of a bunch bad loans. Supposedly, we might even make a profit. 🙄
Where did all the pork come from? That wise and deliberative body we call the Senate is responsible.
Senate leaders quickly took custody of the measure, adding on $110 billion in tax and spending provisions designed to attract additional support, then grafting on legislation mandating broader mental health coverage in the insurance industry.
The revised measure won Senate approval Wednesday night, 74-25, setting up a furious round of lobbying in the House as the administration, congressional leaders, the major party presidential candidates and outside groups joined forces behind the measure. (from here)
What is in the bill? Well, here (Wall Street Bailout Bill) is the text. This article includes the highlights.
Many of the tax breaks were put in place years ago and were set to expire. But their inclusion is complicating efforts in the House to pass an economic rescue plan; an earlier attempt failed Monday. Several House Republicans railed on Thursday against the pork-packed bailout bill.
“One thing we didn’t appreciate in the Senate’s action was that they decided that this bill should become Christmas in October,” said Steven LaTourette, R-Ohio. “We just don’t think (the earmarks) should be in this piece of legislation.”
The tax earmarks were scarcely noticed during the Senate debate over a bill that featured a $700 billion bailout package and a $112 billion tax package, including the renewal of popular tax breaks for businesses and renewable energy projects and a one-year effort to shield at least 20 million Americans from paying the alternative minimum tax. (from here)
Why didn’t the House pass the bill the first time? My guess is that right before an election, the House has a higher price than the Senate.