After yesterday’s respite from major financial news, attention returned to the economy as the Senate passed the bailout bill. While the bill the Senate passed was different from the piece of legislation that the House voted against, it held many of the same provisions as the original (and still unpopular) bailout plan. Political leaders from both sides of the isle hope that by Friday the House will have passed this “new” bailout plan.
- “The Senate last night passed by a 74-25 vote a bill (now H.R. 1424, the Emergency Economic Stabilization Act) that combines the financial bailout bill that failed in the House with a bill that extends a variety of expiring tax cuts (formerly H.R. 6049 (Legislative Text; House Report; CRS Summary)). The only change in the Senate’s version of of the bailout bill is an increase in the Federal Depository Insurance Corporation’s insurance limit from $100,000 to $250,000 per bank account.” – from Senate Passes Combined Financial Bailout/Tax Extenders Bill, 74-25, at TaxProf Blog
- “You’ve got to love brutal honesty, especially when it comes from the financial media. The Senate’s version of a bailout bill, which passed last night by a margin of 74-25, included “sweeteners” – or obscure tax breaks – including benefits for the manufacturer of wooden arrows used in children’s toys and another for litigants in the 1989 Exxon Valdez oil spill.” – from CNBC’s Francis and Haines Call Senate Bailout Bill Tax Add-Ons ‘Crap’, at NewsBusters
- “The so-called bailout or rescue plan is actually called the EMERGENCY ECONOMIC STABILIZATION ACT OF 2008. A copy of this 451 page Bill is available here. A one page summary prepared by Senator Dodd is available here. A 6 page section by section analysis is available here. The 1 page summary provides…” – from BREAKING NEWS- SENATE PASSES THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008, at Adjunct Law Prof Blog
- “Why is it that Congress can’t pass a bill without a bunch of add-ons? As it turns out, the bailout of the economy will be no different. This evening, the Senate passed a version of the bailout bill by a vote of 74 to 25 (in case you’re wondering, both McCain and Obama voted yes).” – from Everything But the Kitchen Sink, at Taxgirl
- “So it is the Senate that goes first with the bailout – some call it rescue – of the nation’s bad-mortgage-clogged banking institutions, with a vote tonight of 74-25. The Senate’s strong and bipartisan approval of a $700-billion rescue of the nation’s struggling financial institutions, frosted with added new sweeteners for bank depositors and taxpayers, should help revive this historic attempt at righting the American economy in a resistant House.” – from Senate bailout vote pressures House, at Swamp Politics
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