Senate Passes Revised Bailout Bill

[silverscreenselect]

You have to give Reid and Pelosi credit. They are determined to keep John McCain in the presidential race with an amazing two step on the bailout bill.

After the House votes the bill down, Reid adds some sweeteners designed to get Republicans to go along. They are an increase in FDIC limits (which everyone favors), a change to the SEC's rules for evaluating depressed assets (which the Republicans favor) and additional tax cuts (guess who favors those). The bill passes 74-25 with Obama, Biden, McCain and Clinton voting in favor.

Now it goes back to the House, where one of two things will happen. I can almost guarantee that you will get a bunch more Republicans willing to sign onto this version of the bill. Either the Democrats vote for the bill, in which case Pelosi gets the blame for orchestrating a worse bill (from a liberal standpoint) than the one earlier in the week and McCain and the Republicans can get credit for getting a "fairer" bill from their standpoint and McCain can claim credit for getting the Republican House members on board for this one. Or even more Democrats jump ship and vote the bill down in which case the Republicans can do some extensive finger pointing.

I do think that some form of a bill along these lines is necessary. Tuesday's stock market panic is just the tip of the iceberg of what will happen if Congress goes home accomplishing nothing. But Pelosi and Reid have outdone themselves in the mishandling of the entire issue.

[BackInTex]

You have to give Reid and Pelosi credit. They are determined to keep John McCain in the presidential race with an amazing two step on the bailout bill.

After the House votes the bill down, Reid adds some sweeteners designed to get Republicans to go along. They are an increase in FDIC limits (which everyone favors), a change to the SEC's rules for evaluating depressed assets (which the Republicans favor) and additional tax cuts (guess who favors those). The bill passes 74-25 with Obama, Biden, McCain and Clinton voting in favor.

Now it goes back to the House, where one of two things will happen. I can almost guarantee that you will get a bunch more Republicans willing to sign onto this version of the bill. Either the Democrats vote for the bill, in which case Pelosi gets the blame for orchestrating a worse bill (from a liberal standpoint) than the one earlier in the week and McCain and the Republicans can get credit for getting a "fairer" bill from their standpoint and McCain can claim credit for getting the Republican House members on board for this one. Or even more Democrats jump ship and vote the bill down in which case the Republicans can do some extensive finger pointing.

I do think that some form of a bill along these lines is necessary. Tuesday's stock market panic is just the tip of the iceberg of what will happen if Congress goes home accomplishing nothing. But Pelosi and Reid have outdone themselves in the mishandling of the entire issue.

You forgot to add the oh so related add-on that requires large companies' health plans to give equal treatment to mental health or addiction if they cover such illnesses. Yep, that will get us out of this mess.

The bill also provides a tax break for certain wooden arrows used by children. I'm not sure when wooden arrows started having to pay taxes, but I'm sure there are a few senators who want to count on the wooded arrow votes.

Our senate at work....

[silverscreenselect]

You forgot to add the oh so related add-on that requires large companies' health plans to give equal treatment to mental health or addiction if they cover such illnesses. Yep, that will get us out of this mess.

The bill also provides a tax break for certain wooden arrows used by children. I'm not sure when wooden arrows started having to pay taxes, but I'm sure there are a few senators who want to count on the wooded arrow votes.

Our senate at work....

Actually, the Senate had to do it this way because of the Constituional provision that says that revenue bills must originate in the House. The Senate could not propose their own bailout bill, with or without amendments to the defeated House bill. Instead, they took a revenue bill that had already passed the House (the wooden arrows bill) and "amended" it by attaching the bailout bill. Now the "amended" wooden arrows bill goes back to the house for a final vote.

Lawmaking often works this way with wildly different provisions being stuck together in one "Act" because various groups of Congressmen insist on these provisions being lumped together in order to get their support. That's how the minimum wage raise got passed, by attaching it to a bill the Republicans wanted, depriving them of a chance to vote it down/filibuster it separately. Republicans do the same thing.

Law making is like sausage making.... nobody likes to look at it up close.

[Four Hour Stiffy]

Law making is like sausage making.... nobody likes to look at it up close.

Yeah, that's what all my interns told me too.....

[No Eye Deer]

Law making is like sausage making.... nobody likes to look at it up close.

Yeah, that's what all my interns told me too.....

What? I don't see a thing!

[Blind Beast]

Law making is like sausage making.... nobody likes to look at it up close.

Yeah, that's what all my interns told me too.....

What? I don't see a thing!

Momma was right about more than the clean underwear.....