Today in Washington D. C. - Oct 2, 2008
Yesterday, the Senate voted 74-25 to pass a new version of the economic rescue plan (H.R. 1424), which includes the previously-passed tax extenders bill (H.R. 6049) and a provision to increase federal deposit insurance coverage to $250,000. Prior to passage, the Senate approved a Dodd substitute amendment containing the rescue plan and voted down by voice vote an amendment by Sen. Bernie Sanders (I-VT), which would have raised taxes on wealthy individuals. The Senate also passed an Amtrak reauthorization (H.R. 2095) and approved a bill to implement the US-India civilian nuclear agreement (H.R. 7081).
Now House members must reconsider the economic rescue plan.
From Senate & News Sources: After last night’s vote, Senate Majority Leader Harry Reid and others urged the House to approve the bill, according to Politico. In a piece for the Heritage Foundation yesterday, Ed Meese and Stuart Butler warned of “the continued deterioration of the credit system” and called for passage of the rescue plan, writing, “Without action, ordinary Americans will face the effects of a dramatic economic contraction, including sharp increases in unemployment.” Prior to the Senate vote last night, Senate GOP Leader Mitch McConnell said, “At the moment, this plan represents the best way to bring stability to the credit markets, avoid a credit meltdown, and put America on the road to economic recovery. But Congress’s job does not end there. After completing this bipartisan effort, members of Congress must recommit ourselves in strengthening America’s long-term economic security.”
Another aspect of Congress’s job is to consider reforms that address some of the problems that brought us to this point. To that end, The Wall Street Journal has a very instructive recap of what some Members of Congress said on previous attempts to reform Fannie Mae and Freddie Mac. Now that the government was forced to seize Fannie and Freddie, congressional Democrats will hopefully be more open to both examining what went wrong and considering serious reforms going forward.
Tags: economic stimulus, tax extenders, US Congress, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Now House members must reconsider the economic rescue plan.
From Senate & News Sources: After last night’s vote, Senate Majority Leader Harry Reid and others urged the House to approve the bill, according to Politico. In a piece for the Heritage Foundation yesterday, Ed Meese and Stuart Butler warned of “the continued deterioration of the credit system” and called for passage of the rescue plan, writing, “Without action, ordinary Americans will face the effects of a dramatic economic contraction, including sharp increases in unemployment.” Prior to the Senate vote last night, Senate GOP Leader Mitch McConnell said, “At the moment, this plan represents the best way to bring stability to the credit markets, avoid a credit meltdown, and put America on the road to economic recovery. But Congress’s job does not end there. After completing this bipartisan effort, members of Congress must recommit ourselves in strengthening America’s long-term economic security.”
Another aspect of Congress’s job is to consider reforms that address some of the problems that brought us to this point. To that end, The Wall Street Journal has a very instructive recap of what some Members of Congress said on previous attempts to reform Fannie Mae and Freddie Mac. Now that the government was forced to seize Fannie and Freddie, congressional Democrats will hopefully be more open to both examining what went wrong and considering serious reforms going forward.
Tags: economic stimulus, tax extenders, US Congress, US House, US Senate, Washington D.C. To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!
Posted by Bill Smith at 10:15 AM - Post Link
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