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US Senate Approves $700B Bailout
by Luiz Castro | October 1, 2008 at 05:16 pm | 1178 views | 12 comments | 31 recommendations
US Senate just Approved $700 B Bailout.
Correcting: US Senate just Approved $810 B Bailout:
In a historic vote, the Senate approved a massive $700 billion rescue plan for the nation's finance system Wednesday night, but only after tacking on another $110 billion in tax breaks to lure votes from both parties.
A strong bipartisan majority rallied behind the controversial Wall Street bailout package, passing it by 74-25.
UPDATED
BREAKING NEWS Senate has garnered enough votes to pass historic $700 billion bailout of financial system. More soon.
BREAKING NEWS Senate votes 74 to 25 to pass $700 billion bailout and tax-cut plan. House – after rejecting similar bill - to vote on Friday
The core of the Senate financial bailout bill is the Bush administration's plan to buy troubled assets from banks, but the proposal includes a number of new provisions aimed at Main Street.
The House is expected to vote on Friday.
The legislation would if the biggest intervention in the economy since the Great Depression.
Advocates say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more. Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans.
The bill adds provisions to the House version - including temporarily raising the FDIC insurance cap to $250,000 from $100,000.
NYT: Adding Sweeteners, Senate Passes Bailout Plan
The Senate strongly endorsed the $700 billion economic bailout plan Wednesday, leaving backers optimistic that the easy approval, coupled with an array of popular additions, would lead to House acceptance by Friday and end the legislative uncertainty that has rocked the markets.
The Senate on Wednesday night passed a sweeping and controversial financial bailout similar in key ways to one rejected by the House just two days earlier.
The measure was passed by a vote of 74 to 25 after more than three hours of floor debate in the Senate. Both presidential candidates, Sens. Barack Obama, D-Illinois, and John McCain, R-Arizona, voted in favor.
Like the bill the House rejected, the core of the Senate bill is the Bush administration's plan to buy up to $700 billion of troubled assets from financial institutions.
Those assets, mostly mortgage-related, have caused a crisis of confidence in the credit markets. A major aim of the plan is to free up banks to start lending again once their balance sheets are cleared of toxic holdings.
Brazilian coverage ( O Globo)
WASHINGTON - Senado americano aprovou, na noite desta quarta-feira, o plano de socorro financeiro de US$ 700 bilhões proposto pelo governo do presidente George W.Bush. Por 74 votos a favor e 25 contra, os senadores - entre eles os candidatos à Presidência dos EUA, Barack Obama e John McCain, aprovaram o plano, faltando 34 dias para as eleições gerais americanas.
October 1, 2008 at 05:16 pm by Luiz Castro, 1178 views, 12 comments
Most RecentMost Recommended Comments (12)
at 17:33 on October 1st, 2008
Luiz Castro, I like this story. It's good stuff.
Off to the House again...
I just read a tweet that said $150B was added to the bill, is that true? Can't confirm it anywhere...
at 17:37 on October 1st, 2008
yes, CNN said there was as incentive to vote yes
at 17:43 on October 1st, 2008
WASHINGTON (CNN) -- Congressional leaders Wednesday added "sweeteners" to a $700 billion financial bailout plan to attract enough House members, particularly Republicans, to pass the plan, which failed in the House just two days ago.
Senate Majority Leader Harry Reid predicts the bailout package will pass the Senate Wednesday.
The measures -- a mix of tax extensions, an increase in federal deposit insurance and other measures -- include many items that are appealing to Republicans.
Democratic leadership aides said the House vote on the bailout package could occur midday Friday if the plan passes in the Senate Wednesday night, which is expected.
"I would not have moved forward on this if I didn't think the chance in the House was good," Senate Majority Leader Harry Reid, D-Nevada, said. House Majority Leader Steny Hoyer, D-Maryland, said Wednesday afternoon he would bring the Senate bill to the House floor "if there is bipartisan, majority support" for the package.
"I'm going to be talking to the Republican leadership -- Mr. Boehner, Mr. Blunt -- to see where they are on votes before we bring it to the floor," Hoyer said Wednesday on CNN's "Situation Room."
Rep. John Boehner of Ohio, the top Republican in the House, believes the additional measures will make it easier to pass the controversial bill, a Boehner spokesman said.
at 17:51 on October 1st, 2008
Thanks for getting this out so quickly Luiz!
at 17:56 on October 1st, 2008
at 18:10 on October 1st, 2008
But they defeated the amendment for the 10 percent tax on all income over $1 million. At least the two Louisiana Senators voted nay, Mary Landrieu-D and David Vitter-R.
at 18:16 on October 1st, 2008
René, Paschen, Rob, Master Jim amd Terry, thank you all for GS flag and comments.
at 18:40 on October 1st, 2008
Luiz Castro, I like this story. It's good stuff.
at 20:44 on October 1st, 2008
Luiz Castro, I like this story. It's good stuff.
The elite and the scam merchants have won..... Bet that very few recieve punishment if any
at 20:45 on October 1st, 2008
You just got to love the tax break for makers of wooden arrows for children included in the bill. What the heck is that all about. Follow the money trail.
- reply
djermanoat 01:57 on October 2nd, 2008
Nothing for Geothermal Development...And I was always brought up with the literal understanding that the Senate can not vote on an issue until the House of Representatives does it first. Talk about top down politics talking to the minions....I would encourage them not to pass the bill, because it is not near enough money....and it won't work.
http://my.nowpublic.com/world/700-billion-bank-bailout-passage-wont-work
Rev.
- reply
Connie McBride (not verified)at 13:46 on October 4th, 2008
Student loan borrowers no longer have bankruptcy protection, under the logic that the loans are government loans. Due to the corruption in the government and the payoffs of Sallie Mae(among others), these loan companies have collection powers that would 'make mobsters envious', in order to collect the outrageous fees they add to the original balances.
Now.
Given that the student loans are not dischargeable in bankruptcy, that the borrower's social security and disability checks can be garnished, and a borrowers wages can (and often do) get garnished without the loan company even having to justify the amounts owed, all because the 'government' backed the loans, what happens when the 'government' owns your home loans?
We (student borrowers) don't have a voice, don't have a choice (these changes went through without grandfather clauses, and without us consenting to the contract changes), and many of us will never get out from under. If the government now owns your home loan, will you be happy to lose all your basic consumer rights as well? Is that going to be the next step?
If so, welcome to our hell.
www.studentloanjustice.org
Single parent of 3, borrowed 45,000 to get through school and off of welfare in the late 80's. Have gone from getting earned income credits to paying 1000+/month in taxes. Bankruptcy in 2003 due to catastropic medical expenses. Owe 175,000.