Senate passes revised rescue package
The Senate's new economic rescue package is now worth over $800 billion. Washington Bureau Chief John Dimsdale told Renita Jablonski some Republicans naysayers see improvements in the new bill.
U.S. Senate Banking Committee Chairman Chris Dodd (left) and Senate Majority Leader Harry Reid (right) speak to the press after voting on a new bailout package -- October 2, 2008 (Nicholas Kamm/AFP/Getty Images)
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TEXT OF INTERVIEW
Renita Jablonski: The $700 billion bailout package is now worth more than $800 billion. The Senate passed a bigger version of the financial rescue plan by a wide margin last night. Additions include raising that cap on federal deposit insurance, and backing the SEC on easing rules that force companies to devalue assets on their balance sheets. Also tacked on -- a $150.5 billion package of tax cuts, both personal and corporate.
Marketplace's Washington Bureau Chief John Dimsdale joins us now. John, are you hearing a more positive tone about the package this morning?
John Dimsdale: Yeah, well several of the Republicans who voted no last Monday now say they do like the improvements that the Senate has made -- or at least, they call them improvements -- including boosting the FDIC insurance for bank deposits. You know, that's going to help small businesses that have more than $100,000 in the bank. So the hope is that Republicans who were reluctant to support this government intervention on Monday will hear the lobbying from banks and the financial industry and switch their votes.
Jablonski: Well, maybe some House members will go for this a little more, but no doubt a lot of people listening right now are not happy. This bailout is better poised than ever to get through now.
Dimsdale: Absolutely, and the senators, even after last night's vote, said "We feel the American people's pain." But they said that inaction is not an option.
Jablonski: All right, John, so what's the time line as far as a House vote goes?
Dimsdale: Probably tomorrow morning, it will come to the House floor. The leaders want to spend today doing a better head count than they had last Monday, and work during the day to make sure when they bring it to the floor that it will pass.
Jablonski: Marketplace's Washington Bureau Chief John Dimsdale. Thanks so much.
Dimsdale: You're welcome.
Comments
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From Los Angeles, CA, 10/03/2008
So where EXACTLY is all of this money going? What companies? What institutions? I heard that $120 million is going to a horse track. Is this true? Are we giving tax cuts now to gambling arenas?
From Bronx, NY, 10/03/2008
"So the hope is that Republicans who were reluctant to support this government intervention on Monday will hear the lobbying from banks and the financial industry and switch their votes."
Yes, hopefully the Representatives will come to their senses and remember that it is the Lobbyists, not the People, that they should be paying attention to. Thank you, Mr. Dimsdale, for making clear your bias.
10/02/2008
It's rediculous that we should be bailing out companys that have scamed, and tricked us. We should be putting in more Government regulations not throwing the taxpayers money at them. It's they're fault in the first place.
From Anadarko, OK, 10/02/2008
This "report" mentions getting House Republicans to change their vote after the Senate changes on Wednesday night.
In this "report" you (Marketplace) take the position that a "package" is necessary.
In this "report" you (Marketplace) take the position that this "package", and the earlier "package", is right.
Isn't that an opinion?
This "report" castigates House Republicans but fails to mention all the House Democrats who voted against the original bill: all of Barney Franks' House committee and 12 of House Speaker Pelosi's committee chairmen.
I don't think you should be so one-sided.
From FL, 10/02/2008
Isn't the 'Rescue Package'(aka Bail Out Package) just a massive 'Short Sell'? If we look at it logically Mr. P. is borrowing 700B from the 'Middle Class' to basically buy up stock in troubled companies that he's betting will increase in value. Didn't we get in this mess because of bad bets in the first place,....what's changed?
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