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The Senate Passes the Bailout Bill

The Senate has passed their version of the Bailout Bill with a vote of 74-25. McCain, Obama, and Biden all voted "yes." The Senate burned the midnight oil tonight, voting on a new version of the Bailout that failed the House earlier this week. The version they considered is much beefier than the original. The main differences between the bill that failed the House and the one the Senate considered are as follows:

  • Raises the FDIC Cap to $250,000.
  • Tax breaks for individuals.
  • Tax breaks for business included spending on alternative energy.

To see what else the bill will do, according to the Senate Banking Committee and what's next,


  • Allow Treasury Secretary Henry Paulson to buy up to $700 billion in bad mortgage-related securities and other bad assets.
  • Allow the Treasury Department to modify mortgage terms to help homeowners avoid foreclosure.
  • Permit the government to receive equity in companies it helps so taxpayers get a share of any future profits.
  • Restrict executive pay for companies aided by the program.
  • Create an independent oversight board to oversee the Treasury Department program.

It still remains unclear if the Senate additions will jeopardize its passage in the House where another vote is expected Friday, though members are hopeful.


Join The Conversation
LiLRuck44 LiLRuck44 8 years
Hypnoticmix, I didn't have any hands in it and I don't want to pay for those who did! ;)
hypnoticmix hypnoticmix 8 years
I agree we need to hold them accountable to speaking on our behalf, but I thought you were saying that they should always vote with the majority of their constituents on issues regardless of their better judgment.
UnDave35 UnDave35 8 years
We do need to remember that we aren't a truly a democracy. We are a representative republic. When we first became a country, it was impossible to communicate in a timely manner with everyone throughout the country, and it didn't go past the Mississippi River. I would love to have a say in every matter that the government passes, but I don't. I elect an official to speak on my behalf. I hold him accountable for his votes, and make changes on elections if necessary.
hypnoticmix hypnoticmix 8 years
Hey mondaymoos and UnDave I would agree with both of you and say yes if this country full funded education across the board and the drop out rate was not staggering. As Jillness pointed out a majority of Americans are not in a position to understand the issues as someone who studies them and more often than not will make reactionary/emotional decisions. That is a foundation that I am not comfortable with. On the other hand career politicians need to be dealt with I think over time their attention to their constituents becomes replaced with presumptiveness and that's when they need to be rattled and told to snap out of it.
mondaymoos mondaymoos 8 years
I agree with UnDave on Jill's question. The "elitest" attitude we've heard so much about this election comes from politicians who think they know what's best for me and everyone else.
hypnoticmix hypnoticmix 8 years
No worries. My statement there was simply a cautionary statement in regards to the steps we face ahead of us in dealing with this problem there fore this Bill is only the first step in what is to be a careful financial choreography. IMO no one who voted for this Bill wanted to vote for this Bill but they were stuck between a rock and a hard place. No Dem. or Rep. wanted to come to Wall Streets rescue and if it were simply a matter of allowing Wall Street to fall on it's face learn a lesson and get up again I'm sure that's just what they would have done. However, they realize although begrudgingly so that a vast amount of necessities that we all rely upon are connected to the outcome of this problem whether we like it or not. It's easy to say well they're just bailing out the irresponsible bank lenders but on the other hand if they don't the chain reaction of a complete financial collapse will effect everyone. I don't believe either that this is any one groups fault. I think in the fever pitch of all the finger pointing we soon forget that there are no clean hands in this situation. Like I said before whether it's the ignorance of the home owner, the irresponsible acts of the lender or the complacency of the government we all had a hand in the pot and we all should pitch in to help fix the problem. I'm no financial wizard in the least but that's just my two cents.
LiLRuck44 LiLRuck44 8 years
I am sorry then hypnoticmix! I gathered since you said it was a careful financial choreography, you thought it was a well thought out plan that Paulson came up with. What did you mean by careful financial choreography?
hypnoticmix hypnoticmix 8 years
"Hypnoticmix, I'm baffled as to how you believe that Bush and Paulson are capable of fixing this.... when they aren't even acknowledging their role in the problem? I'm not trying to be mean, just to understand you:)" LMAO! What?!..........What?! I never suggested any such thing honey.
LiLRuck44 LiLRuck44 8 years
"Governments are instituted among Men, deriving their just powers from the consent of the governed" (Declaration of Independence) If someone in Congress votes for what HE or SHE thinks is best, then it isn't exactly a government by the people and for the people, is it? The great thing about our government is that the people are supposed to have a say... and if we say something, and the senator or congressman instead chooses what he thinks is best, where does that leave us? A few years ago before I started educating myself I had this mentality that somehow the President and Congress had a clearer idea of what was going on, therefore probably knew better than I what was best. I could not have been more wrong. Did anyone read the article on CNN by Glenn Beck today? I thought it was great.
Roarman Roarman 8 years
I would have to answer just as Undave. And with this bail out deal, it just doesn't seem we are getting a straight answer. And I also don't think all those voting on it have a complete understanding of one, how we got into this mess in the first place, tow how best to get us out of it and most importantly how to make sure it doesn't happen again.
amybdk amybdk 8 years
What Dave said.
UnDave35 UnDave35 8 years
I vote 1, with consideration for 2. The Representative is just that, a representative of the people who voted him in. With that, he better be more well-informed on the legislation he is voting on, so he needs to know if this bill is in his constituent's best interest. With that, the representative needs to communicate the reasons he votes one way or the other.
True-Song True-Song 8 years
Definitely best interest! Agreed, some issues are really complicated and most people won't take the time to understand them fully.
Jillness Jillness 8 years
I have a question, poll time! What do you think it is more important for a Representative to do: 1.) Vote in their citizen's best interest. 2.) Vote the way their citizens want. IMO, I get concerned when representatives vote solely based on citizen's opinions. This is a VERY complicated problem, and I do not think that the majority of Americans are in a position to understand it and make an informed decision as to how to help themselves. Yes, it is important to listen to your constituents, but I also think it is important to do what serves them the best, even if they don't understand it.
UnDave35 UnDave35 8 years
Lil - Ruck, why do you think Bush had a hand in this? Was he in charge of the oversight? Have you not seen the committee that was in charge dismiss Republicans who did voice concern?
LiLRuck44 LiLRuck44 8 years
Hypnoticmix, I'm baffled as to how you believe that Bush and Paulson are capable of fixing this.... when they aren't even acknowledging their role in the problem? I'm not trying to be mean, just to understand you:) Someone somewhere likened this to an arsonist telling you he'll fix the fire he started if you give him more gasoline and matches. I'm also confused by this notion that everyone up in Washington needs to work together, and do their job. What? What about the majority of Americans (if any number of the random online polls, plus anyone I've spoken to is an indication) who are sitting at home, glad that their Congressman listened to them? I'm proud of the way some members forgot about party bologna and listened to their constituents.
ericmchicago ericmchicago 8 years
Hey, how bout we pass a bill that bans Sarah Palin from participating in interviews?? Anyone?? Anyone??
GeriAnne1932 GeriAnne1932 8 years
Bailout is the worst word ever. Who started using it anyway? In the world of spin, why the heck was it used? talk about a word that already has negative connotations bring even more negative energy to something that is supposed to save the world? Ugh..I don't support this plan and i think it's too fast and too thin of a bandaid on a bigger problem that is being ignored or brushed aside during this "crisis."
JaeB JaeB 8 years
I know they've got to do something, obviously, but I don't like this bailout plan. I was so happy when the House didn't pass it. Not enough constraints written in against the problem causers, not enough written in to substantially help the people who are drowning in this and those about to go under.
organicsugr organicsugr 8 years
The dark side clouds everything Torg. Impossible to see the future is.
True-Song True-Song 8 years
I would be, too, if I was probably gonna lose. You have to just feel weird about all the wasted money.
hypnoticmix hypnoticmix 8 years
Very interesting True Song. I do believe Sen. McCain is feeling very irritable these days.
True-Song True-Song 8 years
But he had a lovely, laughing chat with Clinton.
True-Song True-Song 8 years
I just read that Obama literally crossed the aisle to say hello and shake hands with McCain, who gave him a "go away" look and barely managed a "Good to see you."
hypnoticmix hypnoticmix 8 years
Well lets face it there were plenty of hot heads on Capital Hill this past week. It was her position and time of delivery that made her speech just a little more damaging.
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