The shockwaves sent around the country and the world from the failure of the bailout bill are just now starting to calm down. The failure of the bailout bill in the House of Representatives stunned everyone who was paying attention. But since the bailout bill was rejected, it has made Republicans and Democrats work even harder to make chances and concessions for a new bailout bill, so it can pass quickly and stave off even more economic trouble. The first chance to make that happen will come in the Senate, as the new version of the bailout bill appears for Senate vote tonight after 7 p.m. Eastern time.
The new bailout bill to come before the Senate is largely the same one as the bailout bill that failed in the House. However, new provisions were added in order to get more politicians to vote yes on it. These new additions include an increased cap on the level of insured bank deposits, which would go up to $250,000 if the new bailout bill passes.
There is also a new package of tax credits in the bailout bill, with a fix to alternative minimum tax credit for middle-class Americans. Vermont Independent Bernie Sanders also introduced an amendment that would put a surtax on millionaires to help pay for the bailout cost.
The full bailout bill was posted on the Internet this morning. The bill had started out as a three page proposal, and is now up to 451 pages in all.
The vote in the Senate is expected to come after 7 p.m., after the observance of the Jewish holiday Rosh Hashanah. If the Senate vote succeeds, the bailout bill should quickly be sent back to the House for a re-vote. If the House approves of the bill after that, President Bush would likely sign it into law by the end of the week.
Both Barack Obama and John McCain will be present to vote on the bailout bill tonight, as both are in favor of getting a new bill passed quickly before any further complications in the stock market.
As the Dow Jones gained over 480 points Tuesday after its record-setting fall on Monday, and worldwide stock market begin to quiet down, it makes it even more likely that enough lawmakers will approve of the bill to get it over the top in the Senate and House.
Sources
The new bailout bill to come before the Senate is largely the same one as the bailout bill that failed in the House. However, new provisions were added in order to get more politicians to vote yes on it. These new additions include an increased cap on the level of insured bank deposits, which would go up to $250,000 if the new bailout bill passes.
There is also a new package of tax credits in the bailout bill, with a fix to alternative minimum tax credit for middle-class Americans. Vermont Independent Bernie Sanders also introduced an amendment that would put a surtax on millionaires to help pay for the bailout cost.
The full bailout bill was posted on the Internet this morning. The bill had started out as a three page proposal, and is now up to 451 pages in all.
The vote in the Senate is expected to come after 7 p.m., after the observance of the Jewish holiday Rosh Hashanah. If the Senate vote succeeds, the bailout bill should quickly be sent back to the House for a re-vote. If the House approves of the bill after that, President Bush would likely sign it into law by the end of the week.
Both Barack Obama and John McCain will be present to vote on the bailout bill tonight, as both are in favor of getting a new bill passed quickly before any further complications in the stock market.
As the Dow Jones gained over 480 points Tuesday after its record-setting fall on Monday, and worldwide stock market begin to quiet down, it makes it even more likely that enough lawmakers will approve of the bill to get it over the top in the Senate and House.
Sources
Comments
I hope it does not pass, It is horrible legislation that fails to address the problem and imposes an extremely burdensome and undue cost on the American taxpayer. The country may need to do something, but this is not the right something. As far as the market rebound, that could cut either way.
Cristopher Rodriguez
(Guest)
(Guest)
10/01/2008
For any idiot still upset over the "failure" of the bailout bill: http://www.lewrockwell.com/blog/lewrw/archives/023267.html. Maybe cartoons can teach you...
I admit I'll be surprised if it doesn't pass this time around but I have no idea of the real odds.
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