Senate approves bailout

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The Senate will begin debate within minutes on their attempt to revive the bailout bill rejected by the House. They have released the bill text this morning, and the Senate Conservatives Fund website has it for public perusal. The new version has no allocations going to the Housing Trust Fund, which the Dodd version originally did, so ACORN will get no money from the bailout.
However, the Senate did add a few winners to this new version:
New Tax earmarks in Bailout bill
- Film and Television Productions (Sec. 502)
- Wooden Arrows designed for use by children (Sec. 503)
- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)
Tax earmark “extenders” in the bailout bill.
- Virgin Island and Puerto Rican Rum (Section 308)
- American Samoa (Sec. 309)
- Mine Rescue Teams (Sec. 310)
- Mine Safety Equipment (Sec. 311)
- Domestic Production Activities in Puerto Rico (Sec. 312)
- Indian Tribes (Sec. 314, 315)
- Railroads (Sec. 316)
- Auto Racing Tracks (317)
- District of Columbia (Sec. 322)
- Wool Research (Sec. 325)

The Senate will vote at around 7:35 PM tonight on this bill. I’d expect an easier passage, thanks to provisions to expand FDIC insurance and an added authority to suspend mark-to-market rules that may make some of the rest of this bill unnecessary. Senate leadership isn’t taking any chances; they’ve added this as an amendment to a bill containing some legislation sought by both liberals and conservatives, making it difficult to oppose from any direction.

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Bloomberg.com: U.S.
U.S. Senate Approves $8 Billion Highway Fund Bailout (Update2) By John Hughes. Sept. 10 (Bloomberg) -- The U.S. Senate approved an $8 billion bailout of a U.S. trust fund that ...
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Senate Approves Patriot Act By Melanie Hunter CNSNews.com Senior Editor March 3, 2006 ... Reps from Washington State split on vote of bailout. Florida News... Who Will Take Florida
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WebCPA - Senate Approves Housing Bailout Bill
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Sweeping housing relief bill sent to Bush after approval by Senate ...
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U.S. Senate approves bailout bill
The U.S. Senate approved a $700 billion (394 billion pound) bailout of the financial industry on Wednesday that political and financial leaders called crucial to averting economic catastrophe. The bill is aimed at reinvigorating worldwide credit ...
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Source: International Herald Tribune
NewsDateTime: 1 hour ago

U.S. Senate approves financial bailout plan
WASHINGTON, Oct. 1 (Xinhua) -- The U.S. Senate on Wednesday approved a revised bailout plan, which will authorize the U.S. government the largest financial intervention since the Great Depression. NEW YORK, Oct. 1 (Xinhua) -- Wall Street traded ...
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Source: Xinhua News Agency
NewsDateTime: 2 hours ago

Asian stocks fall after Senate approves bailout
HONG KONG (Reuters) - Asian stocks and the U.S. dollar reversed earlier gains while safe haven bids such as U.S. Treasuries rose even after the U.S. Senate approved a $700 billion (394 billion pound) bailout plan of the financial system. Japanese and ...
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Source: MSN UK News
NewsDateTime: 44 minutes ago

Senate approves bailout
Senate leaders hope the additions will help build support for the bailout bill, which suffered a stunning defeat in the US House of Representatives on Monday. -- PHOTO: AGENCE FRANCE-PRESSE WASHINGTON - THE US Senate on Wednesday approved a US$700 ...
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Source: Straits Times
NewsDateTime: 1 hour ago

US Senate approves modified bailout plan
The US Senate has approved a modified $US700 billion ($A887 billion) Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market. The bill next moves to the House of Representatives ...
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Source: Skynews.com
NewsDateTime: 1 hour ago




The Senate is considering a revised version of a $700 billion plan that the House of Representatives rejected on Monday. Mr. Bush said another House vote is set for Friday morning. The new plan is said to include provisions to raise the limit on government insurance for bank deposits, and offer tax breaks for individuals and businesses. Senate Democratic leader Harry Reid told journalists he is confident the changed bill will attract votes from both parties. Republican Senate leader Mitch McConnell said Senate approval will make it easier to get the measure through the House. The revised plan is aimed at winning the support of different groups of lawmakers in the House of Representatives who voted against the original plan. Some objected to using taxpayers' money to buy bad investments from investment firms, and disliked government intrusion into business. Others opposed the plan because they saw it as a bailout of wealthy investors at the expense of ordinary people. The House of Representatives vote against the plan Monday triggered a $1 trillion sell-off on U.S. stock markets. Markets recovered most of the loss on Tuesday when investors thought Congress might work out a compromise and eventually pass a rescue plan.

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