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Tonight, the Senate passed the $700 billion bailout package, with 75 votes for and 24 votes against (the bill needed 60 votes to pass; Ted Kennedy, who has been battling cancer, was absent). The NY Times reports the passage left "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."
President Bush was pleased with the Senate's action, "They worked across the aisle to make vital improvements to the rescue package I sent Congress last month - including an expansion of deposit insurance that will help protect the savings of American families and small businesses."
The Senate added some other elements to the original bill, which was rejected by the House on Monday; here's what the Senate added, per USA Today (which has more details):
- Authority for the Federal Deposit Insurance Corp. to increase the size of bank deposits it insures from $100,000 to $250,000.
- Legislation extending popular tax breaks — including one designed to protect middle-class wage-earners from a bigger tax bite under the alternative minimum tax.
- A bill requiring health insurers to offer mental health coverage on a par with other medical benefits.
You can read details of the bill here. The bill's details have grown: Treasury Secretary Henry Paulson offered a 3-page bill initially; the House's bill was 110 pages; and the Senate's is 450 pages. House Speaker Nancy Pelosi said, "“Times of crisis demand decisive bipartisan action and I welcome Senate passage of the economic rescue plan. The House will act in a bipartisan way to restore market confidence as well as Main Street’s confidence in our economic future."
And both Barack Obama and John McCain--as well as Joe Biden--were on hand for the vote and the two presidential candidates shook hands.
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ITS A ONE-PARTY SYSTEM, FOLKS.
McCAIN = OBAMA
YAY.
As usual, injustice has prevailed.
The biggest banks in America recently have gotten much bigger without the bail out. BOA, Citi and JP Morgan Chase now have a combined 31% of the nations deposits after acquisitions. This bail out benefits the big banks. It's like giving steroids to a 500 pound gorilla. The big banks are only going to get bigger by gobbling up the weaker, smaller rivals. Bad for the consumer. Better for the economy. Because less competition in the financial industry means greater stability.
i have a feeling they are going to vote no again. cause this thing really isn't that different than last time. let's hope they do. i love seeing finance people squirm
This country is truly gone, it really is people! #1 is dead on, this is not a republic, it's damn dictatorial empire under the guise of a republic.
I hope they get to vote on this again and not pass this bill!
I hope this bloated pig goes down in flames in the house.
That bill was the worst of congressional legislation...filled with unrelated pet projects to bribe the other party.
Tax payer dollars are paying for this way to go senate!
What the hell does mental health coverage have to do with "fixing" the economy? Oh wait, pork among more pork. Brilliant.
throw fannie and freddie under the bus
Defeat the Bush Wall Street Bailout.
Dow keeps sinking.. I thought the bailout was supposed to solve our problems. Just watch --- we'll need another "bailout" in a month or two.
What a sham. We have to throw these politicians out. That goes for Shumer, Clinton, Obama, and McCain. They all voted for it.
I'm going Nader.
Obama voted with Bush!
Yet all the underlying causes of the disaster remain unchanged.
This is theft on a mind-boggling scale.
Democrats and republicans are one in the same with a few cosmetic differences.
Think of all the crappy houses in the Nevada desert that we will all own. Maybe the government can timeshare these shitholes out so the next generation of americans can get some sense of what owning a home could have been like.