Saturday, October 4, 2008

Bailed Out

The toxic assets are ours!

The bill passed Wednesday in the Senate 74-25 (15 Republicans, 9 Democrats, and 1 Independent voted against it). It passed Friday in the House 263-171 (108 Republicans and 63 Democrats voted against it). Signed into law on Friday by the President.

Both Presidential candidates voted for it.

From the Times:

After the House reversed course and gave final approval to the $700 billion economic bailout package, President Bush quickly signed it into law on Friday, authorizing the Treasury to undertake what could become the most expensive government intervention in history.
The change in course by the House was prompted by fears of a global economic meltdown, and by old-fashioned political inducements added by the Senate: a portfolio of $150 billion in popular tax provisions, including credits for the production of solar, wind and other renewable energy, and an adjustment to spare middle-class families from paying the alternative minimum tax.
Both Mr. Obama and his Republican rival, Senator John McCain, voted for the measure when the Senate approved it on Wednesday, and both hailed Friday’s outcome.

No comments: