Bailout Bill Skates Through Senate
Well, that was easy: While the House had to contend with round-the-clock negotiations and a last-minute revolt, the Senate just threw more money at the problem. That was enough for 74 lawmakers to say yes to the $810-billion package. The House will take another crack at it on Friday.
Well, that was easy: While the House had to contend with round-the-clock negotiations and a last-minute revolt, the Senate just threw more money at the problem. That was enough for 74 lawmakers to say yes to the $810-billion package. The House will take another crack at it on Friday.
Strong Journalism, Rooted in TruthMiami Herald:
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.
The vote sends the measure to an uncertain fate in the House of Representatives, where lawmakers rejected the original version on Monday, 228-205. A new House vote is expected on Friday, and many lawmakers in both parties there remain opposed to it.
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Lessons learned from the 2008 financial crisis show that taxpayer-funded blank checks to institutions do nothing to help those struggling
If the president wants the federal government to be able to borrow cheaply, there are far better options than negative interest rates.
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