Flash: Senate bailout vote scheduled tomorrow at approx. 9pm Eastern; shamnesty tactics all over again
Scroll down for updates…
Hill sources buzzing. A Senate bailout vote is scheduled tomorrow at 9pm Eastern.
No bill details seen yet.
How it will go down…There will be up to 6 roll call votes on the following items:
(1)Motion to concur on the House message, H.R. 2095, Rail Safety;
(2)a Dorgan amendment relating to H.R. 7081, the U.S. – India Nuclear agreement;
(3)a Bingaman amendment relating to H.R. 7081, the U.S. – India Nuclear agreement;
(4)passage of H.R. 7081, the U.S. – India Nuclear agreement;
(5)a Dodd amendment to H.R. 1424, relating to the bailout package; and
(6)passage of H.R. 1424, the bailout.
Get your fingers dialing:
202-224-3121.
More details:
The structure is this:
The Senate will call up H.R. 1424, the text of which will be substituted with the economic rescue plan (a Dodd amendment which must have the consent of both the Majority and Minority Leaders). The only other amendment in order will be a Sanders amendment that will be handled by a voice vote.
The bill will be subject to a 60-vote threshold for passage.
UPDATE II: House Republicans are saying the Senate vote tomorrow is the work of bicameral, bipartisan negotiations.
From a House GOP Leadership aide: “The Senate moving forward tomorrow with the economic stability package gets us one step closer to the bill becoming law – and that is a good thing. The decision is a product of bipartisan-bicameral discussions and we believe that changes to the bill will help us garner more support from House Republicans and smooth the bill to passage.”
Where’s the bill?
And…Dodd?! Dodd!!!???
Still more trickling in:
Senate leaders have scheduled a vote for Wednesday on the $700 billion Wall Street rescue plan rejected by the House.
Majority Leader Harry Reid and GOP Leader Mitch McConnell say, however, that they’re going to add a tax cut package already rejected by the House on Monday.
The bipartisan move caps a day of behind-the-scenes maneuvering on Capitol Hill over what sweeteners to add to the bill to attract votes from House Republicans.
Reid and McConnell’s move may prove popular with Republicans, but it risks a showdown with House leaders insisting that a popular measure extending certain business tax breaks be financed by tax increases elsewhere in the code.
The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000.
“Sweeteners?”
Translation: Earmarks to buy votes.
Isn’t that against House rules?
***
McConnell is toast.
***
And more details:
Components of the alternative plan including the following, according to sources:
* Require the Treasury Department to guarantee, at up to 100 percent, bank losses resulting from failed mortgage-backed securities originated prior to the plan’s enactment. Such insurance, supporters say, would provide immediate value to the securities and a foundation for which they could then be sold. The Treasury Department would finance that insurance by assessing a premium on outstanding mortgage-backed securities.
* Allow companies to carry back losses arising in tax years ending in 2007, 2008, or 2009 back five years, generating a tax refund and immediate capital
* Allow a “repatriation window” for profits earned by U.S. firms overseas. Such repatriation amounts would not be taxed if invested in distressed debt (as defined by Treasury) for at least one year.
* Allow banks to treat losses on shares of preferred stock in Fannie Mae and Freddie Mac as ordinary losses, not as capital losses
* Suspend the capital gains tax rate for two years
* Limit backing of high-risk loans by Fannie Mae and Freddie Mac
* Schedule Fannie and Freddie for privatization
* Suspend “mark-to-market” accounting until the SEC can issue new guidelines that will allow firms to mark these assets to their true economic value
* Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth
* Require the Treasury to write rules prohibiting excessive compensation or golden parachutes to executives of failed companies
* Task the SEC with regular, annual audit reports of entities the federal government has brought under conservatorship or now owns
The tactics for getting this thing to the floor are reminiscent of the dirty tactics used by the bipartisan shamnesty brigade.
As I like to say: God save us from bipartisanship.
Quin Hilyer blasts the collaborators:
The Senate tomorrow will attach the Wall Street bailout to a “must pass” tax extender bill. This is dirty pool. When you are talking about the single most significant growth of government power EVER, you should let it sink or swim on its own. You don’t attach it to a goodie basket and dare the other chamber to vote against it. To do so is a cheap, despicable tactic. It is the tactic of people without the courage of their convictions — the tactic of cowards. Yes, cowards. I am utterly disgusted with McConnell and the entire Senate leadership. This is not the way to handle legislations as serious as this is. If the House GOP had any guts, then if the Senate sends the House the bill in this form — thus also making a mockery, via legerdemain, of the requirement that such financial bills should start in the House — MORE of the House GOP than before should vote against it, in protest against this sort of hardball pressure.
I think every conservative in the country should raise holy hell about this. AGAINST this tactic. WHATEVER you think about the underlying bailout, this BS is utterly insulting.
See what others have said
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Trackbacks
- Senate to Vote on Bailout Tomorrow | The American Pundit
- How Chicken Little Is Making the Sky Fall (Update) | Counting Sheep
- X Flash: Senate bailout vote scheduled tomorrow at approx. 9pm Eastern Michelle Malkin | OPPOSE THIS BAILOUT CALL CAPITOL NOW 1-202-224-3121 DEMAND NO BAILOUT INVESTIGATION NOW UNDER OATH
- The People Demand It!
- Right Wing News
- So, Is America And The World Marching Toward Doom Or Not? « Blog Entry « Dr. Melissa Clouthier
- There’s No Bailout; Where’s the Market Crash? | shyspeak.net
- Hoekstra, Others In House Helped Kill Bill; Now It’s The Senate’s Turn | LOUNGE DADDY
- Flash: Senate bailout vote scheduled today - INGunOwners
- We’re Mad as Hell « Mark Epstein
- Round 2: Will the Senate Listen to We the People in Today’s Bail Out Vote? | Scared Monkeys
- The Other McCain: Senate bailout vote tonight
- The death of fiscal conservatism « The Right Daily
- Crap Sandwich Redux: Senate to Vote on Bailout Bill | Jeffrey A. Setaro
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I have been circulating this link in my emails. I know Blunt is going to get an earful.
http://www.freerepublic.com/focus/f-news/2094014/posts
Here is what is presented to us as reality then there is the unknowable we get a biased “presentation of what our reality is” Now the media has behaved like Chicken Littles, through this Bail Out Hype twice, the world was going to end if it didn’t get passed immediately. Twice the world didn’t end because the American People, didn’t buy the Paulson Splurge. So if this is the effect the Media has on the Viewing pubic. How is skewing coverage for Obama, going to help him anymore? I don’t think people are trusting coverage myself. When I asked my daughter, the other day if she was following it. She said mom, the minute the news channels, started in with the sky is falling scenario, I turned the news off. How many others did the same? This is an example of the People, who vote, who would be stuck with 700 Billion Bail Out, Work Out, Rescue Package, really thinks, after all the hyped Media Coverage. I hope the Democrats, have another plan besides their biased propaganda machines, propping Obama up. Obama a Paper Tiger? It is a fair question. This overlaps into Gwen Ifill being biased, if the ONE is so strong and he is going to be victorious, why does he need the playing field rigged? This bias is what is presented to us as Reality vs The Unknowable. Where is “I took the Red Pill”
http://thehill.com/leading-the-news/house-limits-constituent-e-mails-to-prevent-crash-2008-09-30.html
Government policies exacerbated and extended the Great Depression.
Government policies will cause and exacerbate the Greater Depression.
And it’s right around the corner.
This is just a stop gap to get through election day then all hell will break loose.
Buy bullets and food.
Lou Dobbs was just on Imus in the Morning, saying there is no need for any bail out bill to be brought up on or voted on in either the Senate or the House. Lou Dobbs said we can do the exact same thing we did back in 1987. This is all for show Politics. He said this is a run on the Govt., to fund the left’s far left groups like ACORN. So Paulson should be fired, and Cox should do what he should have been doing all along. This is a manufactured crisis.
They usually put up the podcast to the interviews I will post the link when they put Lou Dobbs up. He is the only one I watch on CNN. I can’t stomach any of the others.
I feel like I am riding around with Butch Cassidy & the Sundance kid. This freakin thing keeps following us around.
Who are these guys?
Hey.. if there really is a Credit Freeze, as these Pundits are claiming there is…
Where is the endless list of companies that can’t get credit?
So far we’ve about two that were BS and one that was grossly exaggerated.
Credit freeze? Where? Show me? They say it’s happening now. If the freeze is that ACORN clients can’t get a loan.. I say we’ve achieved major success.
Florida:
Despite receiving overwhelming opposition from callers, Sen. Mel Martinez is supporting the bill (shocker!). Dem Senator Bill Nelson is opposed.
Thank you, MarcoPolo
Section 7 – Revenue Bills, Legislative Process, Presidential Veto
All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills.
This is ALL politics. We don’t need this bill. It’s unconstitutional and unnecessary. McCain’s drop in polls is the loss of conservatives who hopped on with Palin and are hopping off with his support of this $1 trillion+ rip-off. Socializing lending practices (CRA and ACORN) and then socializing the remedy are the left’s strategy – it’s lunacy to most Americans – another nail in the coffin of free markets and America as we knew her. Even Boehner has signed on to the “new” bill as of this AM. The people know instinctively that this is wrong. God help us once President Obummer gets in there with 60+ Dem Senators and a Dem majority in the house. His cabinet is going to make Clinton’s look conservative. Plus, he’ll get to turn SCOTUS left again with at least one new opening. Stocking up on food and bullets may not be a bad idea.
the GOP has an alternative bill that says:
Limit backing of high-risk loans by Fannie Mae and Freddie Mac
* Schedule Fannie and Freddie for privatization
* Stabilize the dollar by repealing the Humphrey-Hawkins Full Employment Act, which alternative bailout supporters say diverts the Federal Reserve’s attention from long-term price stability to short-term economic growth
link
among other things…this would be good.
On October 1st, 2008 at 8:36 am, Laree said:
I’m here, but it’s going to be a busy day for me, so I don’t know how much I’ll get to comment.
I agree with most of what you said.
We must remember that only 4 short years ago, with the same biased MSM media, and with less of a conservative presence on the Internet, President Bush still received a greater percentage of the popular vote than any Democratic Presidential candidate has received since LBJ in 1964. If you discount 1964, as I do, because the country was looking for stability in the wake of the 1963 Kennedy assassination, then you have to go back all the way to FDR to find a Democrat who received a greater percentage of the popular vote. And, of course, FDR used economic crisis to his advantage. And, of course, the Great Depression was exacerbated by the Federal Reserve (which is neither “Federal” nor “Reserve”…discuss…I’m getting verklempt).
Truth is on our side. Lies and all forms of deception are on their side. The more people know the truth, the more it will set them free.
I don’t trust any MSM polls. But I do like what I see in the results of AOL Hot Seat Polls. I’m fully aware that it is the electoral college vote, and not the popular vote, that determines our next President. But in many AOL Hot Seat Polls, like this one, I see a majority of voters in an overwhelming majority of states, showing a conservative mindset.
I truly believe that in a fraud-free election, McCain-Palin would win in an electoral college landslide. The only way Obama can “win” is with massive fraud. That is why I pray daily for all fraud to be exposed, prosecuted, convicted, and prevented. The future of our Constitutional Republic literally depends on it.
But no matter what happens in the election, as a Bible-believing, Bible-clinging believer in the LORD Jesus Christ, I do not live in fear and worry.
If this AOL Hot Seat Poll reflects how people will vote, then McCain-Palin will win in an electoral college landslide.
AOL Hot Seat Poll:
“Who do you blame more for the bailout bill’s failure to pass in the House?”
It’s a little bit of a loaded question, because it assumes you want the bailout bill to pass and asks who you blame for it’s failure to pass, but I still find the results encouraging.
Lastly, I find the results of this AOL Hot Seat Poll very interesting,
to say the least.
True Christians have no problem confessing with their mouth,
“Jesus is LORD!”
LIMIT BACKING???
How about NEVER AGAIN BACKING the actual cause of the entire meltdown of our economy?
How about repealing CRA and SOX?
How about prosecuting the Senators and Reps who took money in return for lying about the health of, and blocking reform of, Fannie Mae and Freddie Mac?