Senate to vote on financial rescue plan on Wed.

Tue Sep 23, 2008 8:15 PM EDT
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In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday — but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.

The move to add a tax legislation — including a set of popular business tax breaks — risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.

But by also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum for the Wall St. bailout from House Republicans.

The surprise move capped a day in which supporters of the imperiled multibillion-dollar economic rescue fought to bring it back to life, courting reluctant lawmakers with a variety of other sweeteners including the plan to reassure Americans their bank deposits are safe.

Wall Street, at least, regained hope. The Dow Jones industrials rose 485 points, one day after a record 778-point plunge following rejection in the U.S. House of the plan worked out by congressional leaders and the Bush administration.

Before Reid and McConnell's move, lawmakers, President Bush and the two rivals to succeed him all rummaged through ideas new and old, desperately seeking to change a dozen House members' votes and pass the $700 billion plan.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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{"commentId":3101319,"authorDomain":"Mindart"}
Mindart

He means that the corrupt and lucrative lifestyle that most of his high-life business friends live is in danger without a backup plan to keep them living a ucrative lifestyle. I think that Bush and the rest of his administration should be charged with crimes against the American people.

{"commentId":3101319,"threadId":"367134","contentId":"1904149","authorDomain":"Mindart"}
  • 1 vote
Reply#1 - Wed Sep 24, 2008 10:24 PM EDT
{"commentId":3103606,"authorDomain":"WWIII"}
WWIII - Instantaneous Intelligent Insanity

I completely agree!!! I think the only thing motivating this bill are the high-life folks who are realizing the damage he has done is actually affecting them and calling foul. Welcome to the party of the middle class my filthy rich american friends. Let them foot the 700 dollar bill. They certainly don't mind us loosing our homes or health care.

{"commentId":3103606,"threadId":"367134","contentId":"1904149","authorDomain":"WWIII"}
  • 1 vote
#1.1 - Thu Sep 25, 2008 12:20 AM EDT
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{"commentId":3105056,"authorDomain":"dustyd64"}
Dustin-265090

It disgusts me that Bush worded the entire address to blame Congress "just in case" his idiotic plan doesn't work.

For example....

"Without immediate action by Congress, America could slip into a financial panic and a distressing scenario would unfold". This means that if it fails, he can blame Congress for taking too long.

I am tired of this, and sadly, I can't allow myself to feel hopeless.

Bush and Bush cronies alike, you caused this. You idiots voted for this ABSOLUTE RETARD not once, but twice. You were SO worried about gay people marrying that you put the most incompetent person in office ever!

I consider myself an intelligent person, so I try not to resort to such words however, there's no other way to put it.

You who voted for Bush are ALL IDIOTS, and deserve more blame for this than Bush himself!

{"commentId":3105056,"threadId":"367134","contentId":"1904149","authorDomain":"dustyd64"}
  • 1 vote
Reply#2 - Thu Sep 25, 2008 2:15 AM EDT
{"commentId":3105533,"authorDomain":"ispeedtoo"}
Paul Lucero

Stop the banter and EMAIL your Representatives and tell them NOT to approve any Bail outs.

SHOUT NO NO, send email 3 times a day. DO it Do it now!

The path these people are pushing will destroy our country. All they are doing is kicking the problem down the road 6 months.

STOP them you have the POWER!

{"commentId":3105533,"threadId":"367134","contentId":"1904149","authorDomain":"ispeedtoo"}
    Reply#3 - Thu Sep 25, 2008 3:37 AM EDT
    {"commentId":3227696,"authorDomain":"randypayne-8"}
    business owner-411259

    It is funny that we need a bail out for corporate America but yet in the last year in my home town two new banks were built and other buildings are being built but we needed to go to war because of weapon's of mass destruction since 9/11 are Government is not to be trusted that is a fact so no to any bail out did they find weapon's no do we need bail out no it is all a scam from are government just before a election wake up AMERICAN'S

    {"commentId":3227696,"threadId":"367134","contentId":"1904149","authorDomain":"randypayne-8"}
    • 1 vote
    Reply#4 - Tue Sep 30, 2008 2:55 PM EDT
    {"commentId":3227727,"authorDomain":"randypayne-8"}
    business owner-411259

    Do you trust not me not a one of them look back 8years the proof is in the past think about it .............

    {"commentId":3227727,"threadId":"367134","contentId":"1904149","authorDomain":"randypayne-8"}
      Reply#5 - Tue Sep 30, 2008 2:56 PM EDT
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