Today the US Senate votes on a semi-revised $700 billion bail out package for the financial markets. As per The Hill, Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) announced the agreement in a joint appearance on the Senate floor just after 7 pm. So the question is, will the Senate do the work of the people or just pass a bad compromise bill because it is the “quick” thing to do? As Michelle Malkin states, its “shamnesty tactics all over again.” A reminder to America, capitalism is not fixed by socialism. Is there a change and a fix needed, yes. There are many alternatives to aid this problem, many avenues should be explored that make common sense to Americans.
Tax legislation will be attached to the Senate financial rescue package, which will be considered just two days after the House rejected a bailout bill, causing markets to plunge.
The tax bill would create and extend incentives for renewable energy and will include a one-year patch of the Alternative Minimum Tax, which would otherwise hit about 20 million Americans next year.
Finance Committee Chairman Max Baucus (D-Mt.) said the tax incentives would ensure that the bill focused more on “Main Street” and not just Wall Street.
“Adding this tax relief will ensure that regular working Americans get the financial help they need in this time of crisis,” Baucus said in a statement.
Why are Americans so outraged by the bail out plan? Because there are alternative plans out there that make more sense, GOP Members Forging Alternative Bailout Plan.
CNN: The bailout package adds new provisions – including raising the FDIC insurance cap. Democratic sources tell CNN that they expect bipartisan support.
House Reps are hopeful they can make changes to the bail out plan that went down in flames on Monday as Hoyer, Blunt hopeful of progress on rescue bill.