Bailout Passes Senate
Posted on October 1, 2008 at 9:31 pmSenate votes 74-25 to approve the measure in a dramatic desk roll call vote. The infamous twenty-five are listed here. Tennessee’s Senators were not among the infamous. They voted yes.
Senator Lamar Alexander:
“The Senate’s action will allow the Treasury Secretary to begin cleaning up the wreck on the economic highway caused by bad mortgage loans,” Alexander said. “This should get economic traffic moving again and restore confidence so that Americans can get auto, student, mortgage, business, and farm credit loans at reasonable prices. Since the Secretary will be buying troubled mortgage assets and then selling them, the cost to taxpayers should be limited, and any profits will go to reduce the federal debt.”
Alexander also noted that the bill contains tax relief for Tennesseans: “Of special importance to our state, the legislation includes a two-year deduction of state and local sales taxes from federal income. The deduction will mean an average of $400 in tax relief for nearly 600,000 Tennesseans each year. While this bill extends the deduction for two years, we still need a permanent fix, and I will continue pushing for legislation to do just that. I hope the House of Representatives acts quickly to send this legislation to the President.”
Senator Bob Corker:
“As many Tennesseans will recall, I strongly opposed the $168 billion so-called economic stimulus package last spring and likened it to throwing cash in a mud puddle, but there’s a stark difference between that giveaway and this investment plan. Through this rescue plan, we will purchase assets that will hopefully produce gains, and 100 percent of any income made will go toward paying down the debt. If our resources are invested properly, the federal government will get all of its money back and taxpayers may even see a return on the investment.
“Americans are angry, and they should be. I share their anger. Wall Street, regulatory agencies, and policy makers in Washington failed America – and let’s face it, too many Americans borrowed money for houses they simply could not afford. The reckless way Wall Street has taken risks and made choices that have pushed our credit markets to a breaking point is reflective of the way Washington has run up the federal deficit and refused to control spending. I am hopeful that passage of this plan will be the beginning of a strong focus on cleaning up the mess in Washington and on Wall Street.”
REACTIONS:
Sharon Cobb
Evans Donnell
The White House
in media res
Matthew Yglesias
Micah Sifry
Tim Chavez
Blue Collar Republican
Six Meat Buffet
Comments
One Responses to “Bailout Passes Senate”
This bailout is a B.O.M.B. (Bush-Obama-McCain-Bailout) from hell.
Only Bob Barr is talking sense about the bailout.
How come the media isn’t pushing for Barr to be in the debates? America deserves to be able to vote for someone opposed to a bailout plan, but McCain, Obama and the media don’t want us to have a choice.
Vote Barr to oppose the bailout.
Contact the media to demand that Barr be included in the debates.
Call your congressman to demand that he votes no on this new version of the bailout bill when it goes to the House.