Senate Fattens Up Bailout Package
The House couldn't swallow the $700-billion bailout proposal, so the Senate added about $100 billion of incentives -- mostly in the form of tax cuts. The Senate will vote on the proposal tonight and the House could decide as early as Friday whether $700 billion is too much, but $800 billion is just about right.
The House couldn’t swallow the $700-billion bailout proposal, so the Senate added about $100 billion of incentives — mostly in the form of tax cuts. The Senate will vote on the proposal tonight and the House could decide as early as Friday whether $700 billion is too much, but $800 billion is just about right.
AS CHAOS UNFOLDS, FIND SOLID GROUND…MSNBC:
Altogether, the additions would swell the projected coat of the bailout from $700 billion to more than $800 billion, a frightening number to swallow for House members in tight re-election battles.
But the heart of the bill, and the opposition to it, remained the same. It would enable the government to spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and keep the economy from a deep recession.
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Editorial Cartoons
Editorial Cartoons
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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