Senate Passes Bailout 74-25

Posted by: Theo Francis on October 01

By Theo Francis and Jane Sasseen
In the first anti-climax of the legislative drama that started 13 days ago with a market slide and rumblings of a rescue proposal from Treasury Secretary Henry Paulson, the Senate passed a much-embellished version of his $700 billion proposal by a wide margin, 74-25.

Senators Barack Obama and John McCain returned to Washington from the campaign trail to vote for the bill, while Joe Biden interrupted preparation for Thursday’s vice presidential debate. Both Obama and McCain had called on Congress to act quickly, echoing President Bush, who warned of grave danger to the economy if the bill wasn’t passed soon. Bush has said he will sign it. Both candidates left soon after the vote, skipping a press conference afterward at which Senate Majority Leader Harry Reid praised the chamber. “We worked together for the good of the country,” he said. “We will not let the economy fail.”

Sen. Mitch McConnell, the Senate minority leader, called the bipartisan vote particularly remarkable coming five weeks before the election, and called both Obama and McCain “constructive.” He added, “This has been the Senate at its finest.”

Few expected any drama in the vote; for days now, the Senate was believed to be more amenable to the measure. The market’s plunge after the House failed to pass a similar measure, plus heavy lobbying by business groups and others helped seal the deal. As expected, holdouts included Sen. Richard Shelby (R-Ala.), who has made known his distaste for government intervention on this scale from the start, as well as Senators Elizabeth Dole (R-N.C.), Jim DeMint (R-S.C.) and Jeff Sessions (R-Ala.). Some Democrats voted no as well, including Senators Mary Landrieu (D-La.), Jon Tester (D-Mont.) and Byron Dorgan (D-N.D.).

Now the show moves to the House, which is expected to take up the bill Friday. There, leaders have said they believe they have the votes to pass it. On Wednesday night, ABC News reported that Rep. John Shaddeg (R-Ariz.), previously an opponent of the measure, said he would vote for it.

But GOP leaders had been confident Monday, too, not long before the bill went down 205-228. “Let’s hope they’ve done a better job counting this time — otherwise, we’re right back to where we were on Monday,” says one lobbyist closely following the bill’s progress. And many lobbyists, lawmakers and staffers worry that the very measures added in the Senate to make the bill more palatable to Republicans could doom it in the House, where they may offend other factions — or spark demands for other, counterbalancing additions.

“Things in are going to get sticky in the House,” said a business lobbyist involved in the fight. Fiscally conservative “Blue Dog” Democrats don’t like the tax-break extensions the Senate added without paying for them, because they would increase the deficit. On the left, many say the new bill was larded up for business interests, while offering little aid to families and struggling homeowners; they could still refuse to go along with the bill unless it includes more aid to local and state government, or fiscal measures such as an extension of unemployment benefits. With the latter in particular, “they’ll have to be careful,” Brian Gardner, a Washington analyst with Keefe Bruyette & Woods, says of the Democratic leadership. “It may have legs with Democrats, but they run the risk of losing Republicans.”

Then there are those, chiefly the conservative Republicans who bolted on Monday, who are philosophically opposed to any significant market intervention. “That said, the market drop has scared people. So constituent views have started to shift,” the business lobbyist said. “That may help.”

At its core, the measure is still Paulson’s baby — albeit swollen from three pages to more than 400. It gives him authorization to take up to $700 billion of taxpayer money into the marketplace to buy up mortgage-related assets, in a bid to improve the balance sheets of financial companies and restore confidence. “This sends a positive signal that we stand ready to protect the U.S. economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going,” Paulson said in a statement after the vote. “I urge the House to act promptly to pass this bill.”

But the bill is now wrapped in three layers of compromises brokered to try to ensure passage.

Most recently added are the business tax breaks -- many for green-energy initiatives -- an extension of a fix for the Alternative Minimum Tax, and most importantly, the increase of federal deposit insurance for individuals from $100,000 to $250,000. House leaders suggested Wednesday that they would prove sufficient to gain the support of the dozen Republicans needed to turn Monday's losing vote to a winner. The whole deal was attached, for procedural reasons, to a so-called mental-health parity bill that had already passed the House, which requires insurers to treat mental illness much as they do other health problems.

Under that new gloss, the bill includes most of the key elements added over the weekend -- the last round of compromises meant to win Republican support -- including an optional program for the government to insure troubled assets instead of buying them (a program Paulson has said he doesn't need). Most of the additions from the first week of talks remain as well, including congressional oversight, executive-compensation restrictions and a mandate for the government to take unspecified ownership stakes in companies selling assets to the Treasury, plus vaguely worded provisions requiring the Treasury to help homeowners facing foreclosure.

Reader Comments

for full disclosure

October 1, 2008 10:52 PM

Though I remain oppposed to this 'bail out' or 'rescue" bill I am more irritated with the 'pork' added to entice votes. 1- I want full disclosure of the contents of this bill. Who gets what and who tagged on extras for what state and senator or congressperson. 2- Aside from executive responsibility the American people need to hold each senator and congressman accountable for their vots and allegiance to a party and not the majority of the people. They need our share our health choices and social security not the personal benefit the average US citizen does not share.

Arkadeas

October 1, 2008 10:55 PM

This bill isn't going to do anything to help people keep or buy a home. And it's not going to do anything to help create sustainable jobs. The only thing it will do to the economy is fuel inflation. How is it that our government can give $700,000,000,000 to a few rich people, but they can't come up with more than a mere pittance to fix our bridges, roads, schools, and parks, or to provide some high-tech jobs (that private industry can not provide,) such as in the sciences, to help improve the quality of life for all its citizens???

steve

October 2, 2008 12:05 AM

Too little, too late.

When the voters see Paulson and his cronies scoop up all the money, they will come unglued.

When this fails, and it will, we need to think about bottom-up for the next round.

Trickle-down economics is really piss on you economics.

HG

October 2, 2008 12:12 AM

The Senate has loaded the housing bailout bill with pork. There are amendments that do not relate to the economic crisis, but the pro big government Senate does this because they know that they could not pass these anti free market measures on their own merits. It is truly disturbing that the Senate would try to sneak these things in under the cover of a dark night. The House of Representatives MUST reject this bill. It is fundamentally wrong for the citizens and wrong for America. We cannot and should not rely on government to solve this problem or reward those rich Wall Street fat cats for acts of incompetence. Private capital must be used to solve this problem. Private companies must sink or swim on their own merits. If an adult falls off a bicycle and didn't wear a helmet, the solution is not mandating that she/he use training wheels and giving a blank check for their injuries. The namby pamby doomsayers screeched about the market adjustment of 777 points, but were noticeably silent when the Dow recovered. These alarmists would have had you believe that the Dow would have fallen 5,000 points. Guess what? It didn't. It won't. Stop the madness. Stop the insanity. And most importantly, stop this big government bill that will surely destroy a culture of capitalism, entrepreneurship, and innovation.

GLL

October 2, 2008 01:00 AM

Only our useless media could spin $100B dollars of additional lobbyist placed bribes on top of the original $700B blank check as a good thing. Then to top it off they work overtime to induce a state of fear to ram through this monstrosity. Every site you go to is 99 to 1 against this bailout. Feinstein who voted for the bill was reported to have 85000 against out of 91000 calls and she voted for it anyway. The ruling class better get ready for political fallout as the elections are four weeks away and no one but the press is buying into this fiasco.

Alex

October 2, 2008 01:08 AM

This is the most disgusting bill in the history of the American people.

It contains pork for, among other things:
Indian Casinos
Foreign Banks
Children's wooden arrows
Valdez
Puerto Rican Rum
NASCAR raceways
Mental Health Insurance

It's covered in a tub of lard. At this time of the greatest financial crisis this generation has faced, they've devolved into the worst kind of politicking as usual. If this is what our government for the people by the people has come to, it deserves to fail.

Hugo van Randwyck

October 2, 2008 03:52 AM

Good to see 'green-energy initiatives' included - that will help create jobs, including people who need to pay off loans. How about 2 bills? Plan A - $350 billion for bailing out financial irresponsibility, Plan B - $350 billion for rebates to households for investing in alternative energy, and creating jobs. What would Business Week Energy writers do with $700 billion for alternative energy and Energy Independence? Solar thermal, solar voltaic, giving rebates to petrol stations adding pumps with: diesel, ethanol, hydrogen, switching school buses to fuel efficiency models/hybrids/ethanol, solar panels for schools....How many jobs would be created? What pay rates?

Magic

October 2, 2008 03:52 AM

cool

jason

October 2, 2008 04:29 AM

I think the Government should size all of the assets that Wall Street has in exchange for the Governmental bail out, then they should take their assets and sail them to the highest bidder. Then we can think about taxing our citizens for the mistakes of the corporate world.

Jim

October 2, 2008 07:09 AM

It's amazing about how this and every other article published over the last day and a half talks about the 12 Republicans needed to pass the bill in the House. Didn't 94 Democrats vote against it as well? Is it inconceivable to think some of them need to change their votes, or is everything to be blamed on the Republicans as usual?

Brian

October 2, 2008 07:13 AM

finally we are able to overcome political grandstanding and begin to lubricate the wheels of credit. Would love to see all those 'don;'t bail out Wall Street fat cats' opinions now. Pick up your local paper and see how many small business owners are about to collapse. This has never been a Wall Street bailout, better you figure it out sooner than later and vote OUT those who opposed it (Republicans....)

Contro

October 2, 2008 07:58 AM

Tax payer dollars, Not to happy about this.

Gordon Wagner

October 2, 2008 08:44 AM

It's a shame that the two nice Jewish ladies who are my Senators from California ignored a tidal wave of negative phone calls and e-mails and voted in favor of this utter rip-off pig-lipstick of a bill.

Where do I sign up for the revolution? Protecting billionaires is not in my best interest, and having a Congress full of millionaires is precisely a fox/chicken coop situation.

By Feinstein's own accounting she received 91K phone calls, 85K (93%) were AGAINST the bail-out. So how did she vote? She obeyed her masters.

Clarence Jones

October 2, 2008 08:46 AM

Who got rescued on this Bailout? It wasn't the American taxpayers. Guess it was the fat cats on Wall Street and their Congressional Cronies in Congress.
For 70B dollars I want to see someone in jail. Names? Dood, Frank, Paulson, Bernake, Raines and Johnson for starters.

AmerVtrn

October 2, 2008 08:47 AM

For those of you who believe that 700 billion will do the job: Rule of thumb for government estimates. Double the estimate for the first six months, triple for the next six month period, 33.5 percent for each following six month periods attributed to unforeseen inflation adjustments and cost overruns .But we are already at 850 billion, in only three days. Know when to hold'em know when to fold'em know when to walk away!NO SCAM BAILOUT!
"It's like a big cowpie with a little bit of marshmallow inside and I don't want to eat the cowpie," said Rep. Louie Gohmert, R-Texas and Sen. Jim DeMint, R-S.C., a leading conservative, said the step was "leading us into the pit of socialism."

Rajan

October 2, 2008 08:49 AM

I have no idea what is going on. We all know, eventually it is going to pass. No matter how much people protest its going to happen. Senate rejected the bill now its passed, house is going to reject and they will pass in take two.

I believe the bailout deal is beneficial to all citizens, it will make our bank transactions and deposits safer than with no bailout.

My instict tells me its going to pass but I do not know why they are wasting everyone's time. JUST PASS THE BAILOUT PROPOSAL.

AmerVtrn

October 2, 2008 08:51 AM

The Senate has just completed a Constitutionally illegal vote in their attempt to shove this Bailout down our throats. The Constitution requires that Bill originate in the House of Representatives, be voted on and passed, then sent to the Senate, where it may be voted on. The Senate, in their attempt side step the Constitutional requirement, they illegally are trying to originate the bill in the Senate attach it to a non related bill and pass it illegally to the House of Representatives. All hope is not lost. There are two possible cures. The House of Representatives may refuse to be a party to the illegality and vote it down or there is always the Constitutional challenge. For the time being, keep the pressure on your representatives. Emails, faxes,and phone calls. Both Obama and McCain turned their backs on VOTERS.Neither deserve your vote. Perhaps it is time for the fabled NONE OF THE ABOVE slot on the ballot.

Rick

October 2, 2008 08:57 AM

Bailouts have saved the US economy multiple times in the past. Bailouts are only done in an emergency. When was the last time you saw a bailout? It was over 15 years ago in the 1980's. The economy has always become stronger after a bailout. The bailout will insure that a depression will not occur that is the real intention. Pass the bailout and avoid the risk of a Depression.

Tom

October 2, 2008 09:15 AM

You know. I think I really don't mine the package going through, but only and I repeat only, if all the CEO's who got million dollar severance packages who caused this are put into jail and Congress passes a law that the state of Delaware gets off their books laws that allow executives to write these severance packages without shareholder input. I have heard the 25 Senators that voted "no" are up for re-election. The others are not. Our ATTENTION is at a premiun here. Remember the ones who voted for this package. I would also like to see Paulson's option package he got from Goldman Sacks. Is he going to protect himself and friends with this $700 billion package to make sure his stocks remain up.

Steve Ignorant

October 2, 2008 09:22 AM

This is still a bailout for business and not for the average American. The supposed "credit to create jobs" will not materialize. A company is not going to add jobs in this economy. The money is going to sit in their coffers. People are still going to lose their jobs, and homes are still going to be foreclosed.

Stone

October 2, 2008 09:33 AM

Does it seem funny to you that Goldman Sachs seems to have their finger in everything about this package. Even Buffett has helped with his $5 Billion package and other incentives he will receive. The wealth is being concentrated into fewer hands. Instead of fighting wars they do it with chosen economic missiles. Less investment banking houses more money for Goldman Sacks. Package the toxic derivatives up, sell them to foreign countries and hedge our bets if things go wrong. Funny, Goldman Sachs was the only one to do this (Hedging their bets). The powerful already know the outcome before the game is played. Otherwise why play the game. Money is the chess pieces. Make the chess pieces has complex has you can so you are the only one who knows what the chess pieces are made of. Sort of like the Big Horse that was used with us standing in the wrong place.

Gina Emery

October 2, 2008 09:40 AM

The bailout proposal was introduced to the public with arrogance. The middle class knows it will ulimately bare the burden. People want to see those who committed inproprieties pay for the damages.They want restricted compensations. They want to know this will never happen again. Those individuals who recklessly assumed responsability for a home they could not afford, should learn the "hard lesson". Most people are forgiving enough to consider a help plan as long as the "lesson" is not diminished. Hard knocks can be a foundation for a prosperous future. The US has been through it before. There are many lessons to be learned. Our representatives may have more support if they were up front with their constituents.

Michelle

October 2, 2008 10:09 AM

I am appalled and livid at the passing of this bill that only protects the elite at the expense of everyone else. I have already let my senator know. Where was Kennedy? If he is not well then he needs to resign. We are facing a crisis. We need representation.

Robert Smith

October 2, 2008 10:50 AM

Alright the mark to market accounting rule made the banks take sub-prime write downs by realizing losses on loans today NOT as these loans actually fail. We have suspended this accounting rule now and even banned short selling for the short term. Isn't that enough intervention? The rules of the game have changed by miles already.

A solution further would require unwinding CDO situation of subprime mortgages so that a single entity owns each and can alter the terms of the loan. THAT will keep Paulson busy for a long long time. Instead what we are doing is putting taxpayer money on the line in a gamble of our children's future debt. If the US Treasury can buy up bank loans can I please finance my next car through them? Heck let us all refinance what credit card debt we've got with the Treasury. That'll get banks some instant cash.

Mia

October 2, 2008 11:16 AM

The US ia a country run by greedy morons as this quote from Argentine President Cristina Fernandez de Kitchner, on the American economy makes sense: "...a casino economy or an economy of fiction where it was thought that only capitalism can produce money. ... Money on its own does not produce more money. It has to go through the circuit of production, work, knowledge, services and goods." -- In other words, with all the low-tech and hi-tech manufacturing being outsourced out of the country, no real wealth is being created. You cannot create real wealth out of shuffling papers and selling stuff to each other.

Tim

October 2, 2008 11:26 AM

I am sick and tried of one set of rules for the wealthy and another for the rest of us. Either way we lose. Where are the marches we use to have during Vietnam. Where are the baby boomers who were against the establishment and showed this by marching on Washington. This is what we need again. Lets scare the living hell out of these people who don't listen to us and never will.

viper

October 2, 2008 11:28 AM

I demand that the buying of any foreign debt to be taxed upon US Citizens be taken out before any consideration. See the video.

http://www.youtube.com/watch?v=GqIFoBXGizc&eurl=http://fedupusa.org/

Rex

October 2, 2008 11:37 AM

The American people have been lied to so many times, Congress may be even telling the truth (to some degree), but I am sorry to say we just don't believe you anymore. Our leaders have lost our TRUST. Hierarchy has now become a distortion of knowledge. The risk is underestimating the impact. Politicians tend to forget that they have to govern for the whole of their countries, not just for the sector that financed them.

T

October 2, 2008 11:38 AM

A mental health parity bill is a fitting vehicle for the crazy premise of making law so that the stock market won't go down.

Gimme a BREAK

October 2, 2008 11:39 AM

SELLOUT! BLACKMAIL!! EXTORTION!!!

We WILL remember you on election day....this year, in 2010 and 2012! Like gofer bush, your name will always be associated with Citi, Countrywide, Bear Sterns, Lehman, WAMU.... you will NOT be able to hide, as the internet will remind EVERY VOTER of your commitment to INFAMY!

hkicedude

October 2, 2008 11:51 AM

Yes, all bailout bill will pass.

I can tell you now for sure.

Senators and House must all put on a great Hollywood act first, before they pass everything. You can't just give taxpayers money away without putting a 'close call' act first.

The big problem with US leadership these days too many leaders working for the big boys, and nobody for the little guy.

Sally in Chicago

October 2, 2008 12:17 PM

Paulson's document was 3 pages; now the Senate's is 431 pages. Do they think we are stupid?
I called my Congressman....call your congressman....write Obama (or McC) and let them know this is intolerable.

ALAN BRANCHEAU

October 2, 2008 12:24 PM

Time to overhaul everything before we lose everything. The greed factor. We need people we can trust , propblem is there are none, inflation in our economy will never stop, ever.

For the People

October 2, 2008 12:38 PM

Hello EVERYONE...

I truly hope everyone reads this posting.

If the government just gives out $700 billion for a bailout, it would be better if they just give out $1 million dollars to every individual living legally in the United States.

This might have been a better option.

Chuck Gaffney

October 2, 2008 01:04 PM

That's it! I'm moving to Japan. Screw the United Communist States of America! May Bernake, Paulson, and Wall Street bathe in the filth they created and then threw back on us for their own personal agenda. Hopefully this UCSA will wake up and become a country of leaders one day. For too long we've been a country of blind followers and religious morons, slaves to a 9-5 regime created by our own schools,colleges and media without a thought put into why we are hung around by a leash our whole lives while the rest of the world sees it clearly and laughs. It is this blindness and the failure to use the one medium that gives everyone a voice, the internet, that has allowed the obvious class separation in this country to act again. I'm a business owner who on my own will be part of the richer class of people but that's the American dream, for ANYONE to succeed based on their hard work and effort. The ones who were born into wealth, who as we've seen run this country, are once again given a free handout for a major mistake they made. Why in the world would the FDIC limit matter to the rest of this country when the average american has less than $1000 in savings? Less than 1% of this country has more than 100K in the bank and it is this miniority that was feed at everyone else's expence.

cantbetrue

October 2, 2008 01:22 PM

I feel like a big wooden horse just got rolled in through my front gate. Everybody's so happy! Gut tells me this will get a lot worse before it gets better.

sharon in pa

October 2, 2008 01:27 PM

well the thing is they are saying we(meaning mainstreet)just are not grasping what this would mean if they did not pass some sort of bail-out plan,that we are living in denial,well i have just lost my job due to plant closing,if my husband now loses his we are sh** out of luck,so believe me i do understand whats going to happen,what about a year or so back when fuel prices started climbing,no one wanted to listen,food started to go up,i do not accept this plan they have set,this is a very expensive band-aid,in 9 days i will be one of the unemployment statistics

freddy

October 2, 2008 01:59 PM

This is a pure a wall street bailout plan for the big boys, period. If banks, businesses, or consumers need credit, the government can inject cash directly overnigh as they have done it before. There is no need to spend $700 billion to buy out bad debts from financial institutions to clean up their fraud balance sheets in order the open up credit lines for the economy. It doesn't make sense at all. Don't listen to Bush, just like what he did on the Irag war. There is plenty of cash out there, credit freezes up is due to fear and false claims the media not because of all these bad debts. No on $700 billion wall street bailout.

fred

October 2, 2008 02:20 PM

The frozen credit market has nothing nothing to do with all those bad debts the the financial instituions are holding. It's just a lie that the media (including Bush and Buffet, his money is on the line too) try to tell the American public. "Bailout the wall street or the Americans will suffer" The most simple way to help the Americans is to have the goverenment issued more cheap credit lines to the finanial instituions, so that they can pass that on to the publics by madatory. $700 billion to buy bad debts in order to help americans just don't make sense

TL

October 2, 2008 03:28 PM

So a $400+ Billion deficit wasn't enough? And now $700 Billion ($890 Billion), or enough for seven years of Iraq War and instant long-lasting recession is okay?

Grimm

October 2, 2008 03:31 PM

The bill is going to pass! Won't happen till Saturday/Sunday. Market will shoot up on Monday, but it won't last. The following week will be the big drop.

The 700 billion is set to be spent on bad assets... the derivatives and bad book values (NOT actual mortgage bundles)... plus the reality is... there is 20-25 trillion in losses globally that needs to be written down or absorbed... (and absorbed is what will happen)... so credit crunch, equity meltdown, and a much bigger recession then anyone has been talking about is upon us.

On a side note, has anyone bought an island recently? and would you mind a visitor?

sanjay

October 2, 2008 03:35 PM

really its too late.even its good not for USA's economy but world's economy.it will take the world out of what we say GLOBAL MELTDOWN

Kevin

October 2, 2008 03:49 PM

NEVER vote for an incumbent It's the only way we'll get back on track.

Carlton Samuels

October 2, 2008 04:23 PM

I am pleased to hear that they have come
to their senses. What other course can be taken. This was no joke! This is our
country our nation. We are not a country
club, not a football club or a baseball
club. This is indeed very,very serious and we are all in this together. We must pull together, row together, in other words we are all going to have to work like hell to dig ourselves out of this quagmire. We definitely all contributed in one way or another. We have sat by and allowed this monster to come down upon us through various forms of greed,such as uncrupulous mortgage originators, mortgage bankers and people
such as yours truly who would not stop
at refinancing, but continued repeating
the same mistake giving up their home equity until we all (so many of us) lost
most of our equity, ending up owing more
than three times what we bought our homes for.
That I am sure was not the intention
of our Government when it first set up
the system of helping the people of this great land get into their own homes.
Yes we all messed it up, from the top
to the bottom. And now unconscionable
polititions want to blame president
Bush, all neat and nice for them isn't
it. I don't think, to my mind, that any administration should be blamed for the
chaos that exist now. Contraints and regulations were established and there were departments and banking organizations (associations) that have
been established when Bush and Clinton
were only boys, whose responsibilty it was and is, to monitor these affairs, policing and prosecuting those within our society who seek to cheat and defeat the good system in place for the people to acieve the American Dream.

Well I believe I'm out of space now and so, thanks for the opportunity of expressing my opinion.

Carlton Samuels

Chris

October 2, 2008 04:32 PM

Can someone, anyone let me know the actual name of this bill so that I can read through the thing. This seems a little odd that no one ever mentions this.

I am particularly interested to see how the money goes into and out of the market. Is it one large chunk, many small ones, Where can or cant it be invested, how long is this money in the market, is it an abitrary time or after % gained. These are all important questions that need to be answered.

Henry

October 2, 2008 05:00 PM

The people who are lobbying for the Mult-billion Dollar Bailout Bonanza Legislation can put all the lipstick they want to on it, but one thing will not change: at the end of the it will still be a PIG!

Greg A

October 2, 2008 06:53 PM

This whole thing has been a huge example of the failure of politics in this country.

Wheel

October 2, 2008 06:55 PM

So, we now have an 810 billion dollar bailout - this was NOT the time or place to be adding in extras! The reason half of this crap is because people would questions most of its validity. Shame on congress and yes, it will be remembered.

Jennifer

October 2, 2008 08:19 PM

The economy is distroyed. Houses foreclosed, food and gas prices have gone up, people are out of work and cannot get a decent job anymore because the economy will not pay. Now that we all have to suffer, why not throw in another move that hurts the economy and it's people. Ok so we bail out the banks for their stupidty, I thought we had better people on these jobs to make sure that loans weren't given out to people that couldn't afford them but I guess everyone's out for themselves and who cares who they destroy. What's going to happen later down the road when the banks do this again, and yes we will have to bail them out again this to me is a small bandage on a big cut. Does the US have anymore money?

Terry

October 2, 2008 08:49 PM

Is this bill legal? should congress even vote on this one? Congress is the only body of goverment to create bills concerning money and taxes. If a situation comes up such as this they don't have the authority anyways, as you see in amendment ten that is left to the poeple to delegate.

Another point is the Congress is to vote on the bill and IF passed send it to theSenate to vote on or admend. Congress killed the bill and never realy sent it to the Senate. senate viloated the seperations of power and crafted their own bill voted on it then sent it to Congress? how could it possibly become law of the land?

Bush is to Make sure the constitution is protected..but he is not he is encouraging the violations if not down right involved in these unconstitutioal acts.

Section 8

The Congress shall have Power To lay and collect Taxes, Duties, Imposts and

Excises, to pay the Debts and provide for the common Defence and general

Welfare of the United States; but all Duties, Imposts and Excises shall be

uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate Commerce with foreign Nations, and among the several States, and

with the Indian Tribes;

To establish an uniform Rule of Naturalization, and uniform Laws on the subject

of Bankruptcies throughout the United States;

To coin Money, regulate the Value thereof, and of foreign Coin, and fix the

Standard of Weights and Measures;

To provide for the Punishment of counterfeiting the Securities and current Coin

of the United States;

Amendment 10

The powers not delegated to the United States by the Constitution, nor

prohibited by it to the States, are reserved to the States respectively, or to the people.

Section 7

All bills for raising Revenue shall originate in the House of Representatives;

but the Senate may propose or concur with Amendments as on other Bills.

"I do solemnly swear (or affirm) that I will faithfully execute the Office of

President of the United States, and will to the best of my Ability, preserve,protect and defend the Constitution of the United States."

wonder what the reaction would be if the Prez , 74 senators and how many congressmen yet to vote was to have one big impeachment trial, lol

I wrote in ron paul for Prez when I voted today (Ohio you can vote early)

George Strasser

October 3, 2008 09:17 AM

1. Fed gives $1-1.5 million to each citizen. 2. we put the money in the banks which "saves" them. 3. We pay our mtgs, and other debts. 4. We start buying houses, and all the other stuff for them. 5. The economy is now back to where it should be. 6. This takes only a few weeks, not the years of the "Bail-out" plan. 7. And maybe best of plan is that it's not a "political" boondogle! 8. Now we start dealing with those who got us into this mess!!

Mary

October 3, 2008 09:26 AM

This is what I want to know.
What senators are responsible for adding the pork?
Please identify what senator goes with what pork.

Also on the house level, who added what pork?

I am an Independant. It makes no difference to me what party they are from.
If any are from my home state I will be voting against them for reelection!

Shirley

October 3, 2008 09:37 PM

Many before me have voiced my feelings, so won't repeat, but any from my state who voted yes will not get my vote in reelections. How dare Washington (both D/Rs)! America has had enough and The Hill will soon feel our displeasure at the polls, not just this year, but for yrs to come....

Concerned

October 3, 2008 11:36 PM

In such a time as this, how could our politicians add 'pork' to this mess?
I did with less so that I could put away for retirement.....I'm hoping my 401k retirement money will be there in 4 years! Or, maybe the politicians will bail me out too!

Thank you for your interest. This blog is no longer active.

 

Election 2008

Washington Bureau Chief Jane Sasseen and other BusinessWeek writers cover the run-up to the Nov. 4 presidential election, paying close attention to how the candidates will handle issues such as housing, the economy, unemployment, and immigration.

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