Senate Passes Bailout Bill
Posted on October 1, 2008
Senate to the rescue? It seems the government are determined to force more socialism down our throats in an attempt to save the sinking ship of socialism. My dad has a long time friend that is a representative in the House for Alabama. He voted against the bailout in the House and the local paper, a known liberal rag, predictably slammed him. They slammed him for actually listening to those people that elected him to represent them. How elitist is that? My dad was writing a letter blessing them out. Anyway, the Senate tweaked things a bit and got a “rescue plan” passed. Think the House will vote it in? Looks like they are softening up to it.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
The measure didn’t cause the same uproar in the Senate, where both parties’ presidential candidates, Republican John McCain and Democrat Barack Obama, made rare appearances to cast “aye” votes.
In the final vote, 40 Democrats, 33 Republicans and independent Sen. Joe Lieberman of Connecticut voted “yes.” Nine Democrats, 15 Republicans and independent Sen. Bernie Sanders of Vermont voted “no.”
The rescue package lets the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a deep recession.
Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday’s 228-205 defeat. They were especially targeting the 133 Republicans who voted “no.”
Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.
They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.
They may be softening up in the House…but on the other hand…
Hat tip: Hot Air
» Filed Under 1st Amendment, Economy, Fascism, News, Politics As Usual, Socialism, Taxes, U.S. Constitution
Trackback URL
Comments
5 Responses to “Senate Passes Bailout Bill”
Leave a Reply
This is going to be the most corrupt feeding frenzy by greed festering contractors and politicians that it cannot be described by my limited vocabulary.
The decision to place the insanely high price tag of $700 billion was pure genius. If it was a measly $700 million it would be completely obvious something was amiss, but 1000 times more; heaving @ $700 billion, it must be real… who would make up a number like that. That number is so high and beyond belief that this is completely legit.
I can only hope that there is hell to pay for these unethical, morally corrupt, gluttonous, irresponsible so-called voices of the people.
I am disgusted!
That bailout bill in the U.S. Senate passed faster than the pay raises they give them selves. I don’t care who they are, I will help to vote out every single incumbent in November (…and from now on, come to think of it !) Even a permanant revolving door Congress can do better than to bankrupt the entire country. They voted against the best wishes of their own constituients and nation. Treason.
Sure hope people remember this. Yes, we do need to vote these people out and any in the future who are going down this same path involving greed, glutony, corruption and irresponsiblity towards this country and the people who voted them in!!!
Both of Georgia’s Senators need to be voted out ASAP !
The sorry skunks.