Wednesday, October 1, 2008

Bailout Revisions

Has McCain's corporate tax break been added to the revised bailout bill that the senate will vote on tonight?

In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday - but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.

The move to add a tax legislation - including a set of popular business tax breaks - risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.

Barack has attacked McCain for favoring tax breaks for business.

The Senate plan would also raise federal deposit insurance limits to $250,000
from $100,000, as called for by the two presidential nominees only hours
Both candidates support the insurance hike.

But by also adding legislation to prevent more than 20 million middle-class
taxpayers from feeling the bite of the alternative minimum tax, the step could
build momentum for the Wall Street bailout from House Republicans. The
presidential candidates Sens. John McCain, R-Ariz., and Barack Obama, D-Ill.,
intend to fly to Washington for the votes, as does Sen. Joe Biden of Delaware,
the Democratic vice presidential candidate.
Aren't they afraid of messing things up if they return to Washington? Shouldn't they be out on the campaign trail where they belong?

The surprise move capped a day in which supporters of the imperiled
multibillion-dollar economic rescue fought to bring it back to life, courting
reluctant lawmakers with a variety of other sweeteners including the plan to
reassure Americans their bank deposits are safe.

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