Senate to vote on rescue plan with added tax cut

Source: Yahoo/AP

WASHINGTON - In a bold bid to revive President Bush's multibillion-dollar financial rescue plan, Senate leaders scheduled a vote for Wednesday night on a version of the bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House.

The goal is to net at least 12 more House votes than the rescue proposal received Monday, when lawmakers rocked the political and financial worlds by rejecting it.

The gambit is certain to anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts. But Senate strategists assume it will gain more House votes than it will lose.



Read more: http://news.yahoo.com/s/ap/financial_meltdown

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I don't know ladies and Gentlemen, I'm still not buying it.

It includes language to raise the amount your deposits can be insured by the FDIC from 100,000 to 250,000 which sounds nice... but the FDIC does not neccesarily have unlimited resources in itself. They will charge banks more who in turn will charge us more fee's... once again, we foot the bill. Other places I have seen that the FDIC can get the money from the Treasury and... if they do that, for all intents and purposes, we foot the bill again.

We also foot the bill on the 700b bailout "Rescue plan"

They have added Tax cuts?!!? AMT relief, 8 billion in tax relief for those who suffered storm damage in Indiana, Texas... 78b in tax incentives for renewable energy.... it just seems like a bloated bill, tons of money being paid but not too many areas where there is a return on investment.

I also see it is being reported that McCain, Obama and Biden will be there for the vote. Why do I think Obama will vote yea and McCain voting ney... and then McCain will stick it to Obama when it passes. I see this as a trap for Obama. "Obama wants to raise your taxes to pay for this bailout, I propose Wall Street pay for their own recovery" -McCain (Future Date)

Dap

We have a serious problem, but this is not a serious solution. Try again.

And he'll be the populist maverick. I hope the Obama campaign is awake.

"Democratic" or (adverb) "Democratically" with the noun, "Democrat."

It's as though they don't know English.

:)

that McCain has already cut a commercial saying he voted against it. Said he saw it on Keith?

I saw part of Countdown earlier but just the end part. If that's true... YIKES!

I guess we'll have to wait 24 hours to be sure!

Dap

because hubby said that they mentioned the ad as being opposite to what McCain had said in his support of the bill, but they didn't say how he was giving a heads up as to how he was going to vote. Crazy.

Stop the looting of the treasury!

I agree and also understand this may effect people, it might effect me.

I'd rather take the hit now and not pass the bill- rather than take the hit for the next umpteen years of my life.

Just Say No!

Dap

...is because there aren't enough TAX CUTS ?!?

Here's a great tax cut: Reduce the overall amount by $600 billion.

That's this administrations answer to everything- TAX CUTS!!

Screw that!!

NO!!

Are you fucking kidding me?
Trash the whole thing and start over...no tax cuts included.

then they should go back to the drawing board and put out something that will help the banks, be more specific, include more oversight, and cost less money, at least to start.

This is insulting, and as other posters have noted, may play right into McCain's hands.

If this thing goes bad, and the Dems pushed it through, we're toast in 2010.

in fact, I agree with most of you who have responded.

Just Say NO!

and in an economic crisis and the answer is to cut taxes. We are paying billions in interest on the debt we have now. We are broke. Have any of these people ever lived on a budget for cripes sake. You have to have some revenue.

create a bill that will actually do some good
or let the bitch die where it stands
save the money for the inevitable crash and use the 700 billion to help rebuild

Artifically propping up the market never works just ENRON, or the people who lost their shirts in the internet bubble bursting. I still have nightmares about the poor dead doggie sock puppet

FUCKING CONSERVATIVES !

Listen up, Dittoheads and fell fellow fuckups on the right:

This WHOLE debacle was caused by the same DEREGULATION championed by the IDIOTS you listen to ...

They believe they can have wars while they have HUGE tax cuts ..... they think they can SPEND SPEND SPEND without end, and without having to contribute a fucking dime ....

Well I am SO fucking SORRY to tell you: You are sponges .... You are users .... You are freeloaders ..... and your time is up .... Your mouthpieces are fucking hypocrites, preaching an independence they themselves cannot sustain .....

No more TAX CUTS for the wealthy ... quite the opposite; They are going to PAY THEIR FUCKING WAY from now on ....

NO TAX CUTS ..... except for families making LESS than ... say .... $200,000 per household per year ....

These numbskull RICH right wingers have a LOT of fucking nerve to think they are going to get more tax cuts .... FUCK THAT .....

It is time your paid your fucking bill ....

Give me a freaking break! :mad:

It's like the live on a different planet from us.

to sweeten the pot.

Fuck bailing out wall street.

I don't mind the $8 billion storm relief or alternative energy credits, but what are the details on the alternative minimum tax. Is it significant, or just something small to dress up the bill?

The idea that our elected lawmakers, after seeing the market drop, suddenly took solace in the gravity of the situation and realized that bailout vote must be redone immediately for the good of the people is total crap. The Republicans little ploy of pinning an unpopular bailout on the Democrats blew up in their faces. While the GOP was pretending to rally their troops to vote for the plan, in reality they were cutting ads to bash the Democrats. This is why only Republicans in safe seats and leadership positions voted for it. The Democrats, through sheer luck or through sheer brilliance, wisely decided they weren't playing that game and ended trumping the Republicans at the end of the day.

In fact, , the Democrats are now in a nice bargaining position and the Republicans are in a bit of a squeeze because they have managed to piss off not only the Bush administration and party leaders but also their corporate buddies on Wall Street and by extension - corporate media. More importantly, a good percentage of the electorate is p-oed as well. It damn sure looks like the Republicans sabotaged a rescue plan for political reasons. Think about it, those that wanted a bailout realize it would of easily passed with a modicum of support from the Republican side. These people are rich, very likely Republican and definitely have been doing a lot of praying lately.

So first off lets not panic and realize that the hissy fit the market threw was actually an expected occurrence. The sky didn't fall , we got through it and the market rebounded the next day as investors spotted bargains. Yes , there is no doubt that our representatives fielded many calls from panicked investors and retirees but it's a stretch to believe that public opinion overall has flip-flopped and suddenly everyone is massively on the side of welfare for Wall Street. Again this is fantasy just like the need to rush this thing through. Mr. Murdoch is the one that needs this plan rushed through right now, this instant. He's the one that has invested 5 billion dollars in Paulson's former company. The longer you wait, the more the public panic will die down.

We the people, need a well thought out plan that actually attacks the problem at it's core and does not need to be smuggled in during the middle of the night when nobody has time to react. We need some real leadership and the Democrats need to recognize the bargaining power they now hold and leverage it. What they don't need to do is give the Republicans a Kings-X and let them redo the vote on the very same Bush-Paulson plan with tax cuts added to appease them. Why let them re-image themselves as putting "country first" instead of "Republican Party first"?

How about standing up and telling the American people what the GOP tried to pull off instead? Present the voting record as proof of their antics. How about anticipating the next swift-boat attack (i.e. McCain's vote) and preemptively shooting it down? The GOP is cutting "Obama for Wall Street billionaires" ads right now. Show some guts for Gods sake. Obama can't get dirty and fight in the trenches but the party leaders certainly can.

Bush is not showing any leadership. It's time for the party with a majority in congress to take some initiative. There are many good ideas out there that can be more or less agreed to by both sides. Tell the American people that hearings will held and respected economist with PhD s will be brought in and a real solution will be hammered out and something will be done in a timely manner. As an example, somebody like Dave Ramsey (financial advisor) can get on the radio and tell his listeners not to panic and offer nice solutions and ideas that aren't really his but are those of leading economist whom are highly trained in the field. He calms his listeners and he makes a heck of a lot of sense.

Why can't the Democratic Party do this too?


--ep

when are these people going to wake up? . . . there are ways to bail out Wall Street without incurring another $700 billion in debt . . . see, for example . . .

10 Ways to Bail Out Wall Street (and Main Street) Without Soaking Taxpayers in Debt
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4130078&mesg_id=4130078

the bill they sent up was terrible -- throwing good money after bad . . . and it wouldn't solve anything . . . we need some creative thinking followed by a display of Congressional balls unlike anything ever before encountered . . .

so keep the pressure on -- it's our only chance . . . let them know that we're on to their little game, and that they're not going to get away with yet another "Grand Theft USA" giveaway of tax dollars they don't have and have no hope of ever getting . . .

Rewarding/BRIBING the repubs for shit that they caused!

I am so SICK of this shit.

The dems actually get a shot at representing the American people, and THIS is the shit they pull.

I am going to call Obama & Sen Kerry ASAP.

And, tell the no fucking way.

"It includes language to raise the amount your deposits can be insured by the FDIC from 100,000 to 250,000 which sounds nice"

My deposits? Oh right, because Americans are noted for their savings habits. Changing this from $100k to $250k affects the average US citizen how? Another give away to the rich it would seem, along with more tax cuts.

That other stuff should have been in the $640+ billion dollar budget they just passed days ago, why tack it onto a "liquidity crisis" bailout bill?

This bill is stinking the place up and since this crisis won't be solved with a infusion of cash to buy bad debt I'm sure it will come back to haunt anyone who fought and voted for it.

They just never stop stealing. On the rare occasions we do defeat our enemies, our Rulers...they merely laugh and give it to us worse.

The same way the Amerikan Subject Populace thought we'd "won" in Nov. 2006, then the Bushies, with no small help from those we had just "elected" to end the war, ESCALATED IT.

What better way to say

Fuck you, peasants. You think you are in control because we let you pull a tiny lever every other year? ROFL.

than these two actions?

... let's give away 700 billion and let's also diminish our ability to pay it back.

The idiocy is astounding. This country is heading straight for the dumper.

no matter which way Obama votes or doesn't vote - mccain is going to bash him for it.

if Obama votes for the bill, mccain will come out and say Obama is siding with Wall Street

if Obama votes against the bill, mccain wil come out and say Obama doesn't care about Main Street

it will be interesting to see who votes first...

McCain: After you Senator Obama

Obama: No,no - you go first Senator McCain

McCain: but I insist you should vote first

Obama: I bow to seniority in the senate, you first

McCain: NO NO NO - you first

CALL CONGRESS RIGHT FUCKING NOW !!!!111!1


(seriously)

They are still in the mode of taking the original plan and putting window dressing on it to make it more palatable. Guess what, no matter what people like the President, of Joe Scarbourough, or Krugman, or Ben Stein, or Suze Orman says, the sky is NOT falling. Times will be tough, but you do not need to get things done this week just to say you passed SOMETHING.

SCRAP the Paulson plan, pretend like you never heard of it, start with helping the homeowners first, and think about the financial markets as an afterthought, the exact opposite of the Paulson plan. Then vote along party lines. You will never come to unity or compromise on this issue. We are at polar opposites. They want tax cuts and less regulation, we want more corporate taxes and more regulation. It's not going to work.

The American people elected you, now quit acting like Barney Fife before we have to take your bullet away.

It appears the Republics have two knee-jerk response mechanisms. If it is a domestic issue, deregulate and cut taxes. If it is a foreign issue, drop bombs.

I also want to add to my original posting that the more dollars you print out, the less valuable they get.

I think either way, the American dollar will become weaker, the price of oil and commodities will go up and we will continue footing the bill for generations to come.

There has to be a more sensible fix to this problem. Strong banks and mortgage companies should buy out weak banks and mortgage companies. We saw it with Wacovia and AIG? (can't think...) If the banks thought the other entities were salvagable or that they would get their money back, they would be eating up the other banks!

Why is Bush so adamant about this? He's going to be out of office in a few months (election is in a month)... he's never cared about us before... maybe he wants to give out golden parachutes? maybe he is protecting big business?

We are between and rock and a hard place, damned if we do- damned if we don't. Because of this, congress needs to go back to the drawing board and put together a REAL bill.

Dap