Senate sweetens the rescue bill
To attract more votes to their version of the rescue plan, Senate leaders added items to the bill that was rejected by the House, in hope of winning votes. Washington Bureau Chief John Dimsdale has more.
Members of Congress gather in the Senate chamber (Luke Frazza / Getty Images)
More on The Economy, Politics, Fed. Budget/Govt. Spending
TEXT OF STORY
Kai Ryssdal: Maybe you picked up on Representative (Peter) DeFazio's displeasure with the Senate bill. (Kai talked with DeFazio in another story). He's got plenty of company on both sides of the aisle. So, as he mentioned, to attract more votes Senate leaders have added a number of sweeteners. But they ain't gonna come cheap. Our Washington bureau chief John Dimsdale has that part of the story.
John Dimsdale: The Senate version temporarily insures bank accounts up to $250,000. It also adds expiring tax benefits for small businesses and renewable-energy projects. And it shields middle class taxpayers from the onerous Alternative Minimum Tax.
The price tag for these extras is another $130 billion. But Senator Judd Gregg, the lead Republican on the Budget Committee, says the tax breaks should not be viewed as extra costs.
Judd Gregg: It is not an issue of adding $100 billion to this bill. Everybody knew these tax extenders were going to occur. There's no way we're going to let the solar or wind credit lapse. There's no way we're going to hit 20 million people with AMT.
But Vermont's independent Senator, Bernie Sanders, thinks Americans earning more than $500,000 a year should pay for some of the bailout.
Bernie Sanders: Given the fact that the top 1 percent of our population have made out like bandits economically, since Bush has been President, it seems to me very wrong that the middle class has got to pick up the tab.
Business groups are lobbying hard for the rescue package. The Chamber of Commerce's Bruce Josten thinks the Senate proposal has a better chance now that there's a little something for everybody.
Bruce Josten: The disaster-relief package for the California wildfire areas, the Midwest floods and Hurricane Gustav -- another opportunity for members to step up to the plate.
House and Senate members report public sentiment toward a government rescue has become more favorable since the stock market dropped after the House defeat on Monday.
In Washington, I'm John Dimsdale for Marketplace.
Comments
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From Las Vegas, NV, 10/02/2008
Here is another link for the text:
http://banking.senate.gov/public/_fi...O08C32_xml.pdf
10/02/2008
It is an outrage that all the "pork barrel" BS has been added to this bill. I am not willing to pay for anything over and above what was in the initial (3) page bill which has ballooned to (400) pages. Another example of our government working for the people?!?!?. Will the rape of the middle class never stop!!
10/02/2008
We as a country cannot live for long on borrowed money. Let the banks write off all the bad loans and go back to the basics - lend money with proper collateral. The country is in the hock for trillions of dollars.
From Shasta Lake, CA, 10/02/2008
Again the politcians fail us i mean come on there is so much pork in this rescue bill (fancy label for failed bail out) Do we need to fill the pockets of more big companies with tax subsidies that the working person will never see it will only translate to bigger bottom line with a bigger bonus for those at the top BOTH OBAMA AND MCCAIN FAILED US ALONG WITH THE REST STOP THIS MADENESS TELL CONGRESS TO VOTE NO
From Scottsdale, AZ, 10/02/2008
Here is a link to the full, 452 page text: http://senateconservatives.files.wordpress.com/2008/10/bailouttext.pdf
From Las Vegas, 10/02/2008
Len,
We miss you and your NPR show in the Mojave.
I found the link:
http://online.wsj.com/public/resources/documents/senatebillAYO08C32_xml.pdf
From Wichita, KS, 10/01/2008
I find I am still not happy with all the give aways the Senate is passing out that I can't get. The real reason for writing, is why did we give the Auto industry 25 Billion with almost no notice about it.
From Decatur, AL, 10/01/2008
OUR BAIL OUT CRISIS WAS CAUSED BY A HANDFUL OF CORRUPT CONGRESSMEN AND A HANDFUL OF EQUALLY CORRUPT FANNIE MAE OFFICIALS WHO BOUGHT UP $7 TRILLION IN BAD DEBT IN ORDER TO PAD THE BOOKS AND COLLECT HUGE SALARY BONUSES FOR THEMSELVES.
HERE ARE THREE VIDEOS THOSE CORRUPT FANNIE MAE OFFICIALS & AT LEAST FIVE CORRUPT GOVERNMENT OFFICIALS DON'T WANT THE AMERICAN PEOPLE TO SEE:
http://www.youtube.com/user/TheMouthPeace
http://www.youtube.com/watch?v=_MGT_cSi7Rs
http://www.youtube.com/watch?v=q2WKtp01yOw
Lets Make Them Famous. Will You Do Your Part And Pass These Videos Along To Everyone You Know?
From CA, 10/01/2008
Yeah, where's that link? It's killing me searching around. Did it get blown up from too many hits?
From Ann Arbor, MI, 10/01/2008
I've been looking everywhere for a link to the proposed legislation. Kai mentioned it in his Final Note, but I can't fid a link anywher on this website, either. Any pointers?
As Kai said:
"If you want to see for yourself, we've got a link on our Web site. It's marketplace.org."
From Ann Arbor, MI, 10/01/2008
Where is the link mentioned in Kai's Final Note? I've spent ten minutes searching the site for it!
From Palo Alto, CA, 10/01/2008
ref link: http://marketplace.publicradio.org/episodes/show_rundown.php?show_id=14
Kai Ryssdal's Final Note
This final note to pick up on the thread
John Dimsdale started for us today. About what else has been tacked onto the Senate's version of the bailout bill.
I downloaded it this morning, picked a page at random and just started reading.
Page 297: changes to the child tax credit.
Page 298: tax relief for film and television productions.
Page 300: and I just can't figure out what this has to do with the credit squeeze, but certain wooden arrow shafts not more than 5-16ths of an inch in diameter are no longer subject to excise tax.
If you want to see for yourself, we've got a link on our Web site. It's marketplace.org.
From Dallas, TX, 10/01/2008
I just caught the tail end of a story (apparently) about the add-ons to the Senate bail-out bill, including something about "film & television" (huh?) Can you point me to that info? Thanks
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