Senate to Vote on Bailout
Thursday, October 02, 2008
After markets took a tumble Monday following the House's rejection of congressional leaders' $700 billion proposal, lawmakers refused to abandon their pledge to bail out Wall Street. With a full day of deliberation behind them, the U.S. Senate is scheduled to vote on a revised financial rescue bill tonight.
Revisions to the bill include tax breaks for businesses and alternative energy, and raised limits for government-insured bank deposits. But the core principle of the original legislation remains – the government's purchase of ailing mortgage assets that are wrecking banks' livelihoods and making credit in this country non-existent.
The House, which convenes tomorrow after a two-day recess, is expected to cast its votes on Friday.
Stay tuned to DSNews.com for extended coverage as this story develops.
Revisions to the bill include tax breaks for businesses and alternative energy, and raised limits for government-insured bank deposits. But the core principle of the original legislation remains – the government's purchase of ailing mortgage assets that are wrecking banks' livelihoods and making credit in this country non-existent.
The House, which convenes tomorrow after a two-day recess, is expected to cast its votes on Friday.
Stay tuned to DSNews.com for extended coverage as this story develops.
