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Senate Democrats' stimulus-palooza defeated

By Michelle Malkin  •  February 28, 2008 06:03 PM

Yes! The Senate Republicans held the line on stimulus-palooza this evening. There is hope for the GOP yet:

A Democratic proposal to curb rising home foreclosures by changing bankruptcy law failed a key test vote in the U.S. Senate on Thursday.

In a largely party-line vote, Republicans blocked the measure from moving ahead, although lawmakers said it may be reconsidered later, possibly with amendments.

As proposed, the bill would let bankruptcy judges erase some mortgage debt; spend more money on fixing abandoned properties and funding debt counseling; and give businesses a tax break. The White House had threatened to veto the bill.

Harry Reid whined on the Senate floor that “Big Banks” and “Wall Street” are high-fiving each other over the Dems’ defeat.

No. Responsible homeowners and taxpayers are high-fiving each other.

Suck it up.

Posted in: Subprime crisis