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The Senate continues to move toward a vote Wednesday night on a $700 billion Wall Street rescue plan — a move that Democratic and Republican leaders predict will put the legislation on track for enactment later this week. One day after the House defeated the proposal and sent the Dow Jones plunging 778 points, backers announced Tuesday they would bring a slightly revised version up for a vote in the Senate, where support for the package is stronger.
It's going to get worse, not better, unless we do something," Senate Majority Leader Harry Reid, D-Nev., said Wednesday on the Senate floor. His GOP counterpart, Senate Minority Leader Mitch McConnell of Kentucky, also urged action. "No one is happy with the situation we're in, but it's the situation we have," he said.
The U.S. Senate set a vote for tonight on a $700 billion financial-rescue plan, tying it to an increase in bank-deposit-insurance limits and tax breaks to win support from Republicans. The Senate agreed to vote on the legislation along with the measure temporarily raising the limit on federal deposit insurance to $250,000 from $100,000. That increase was proposed by Republicans critical of the plan authorizing Treasury Secretary Henry Paulson to buy troubled debt from lenders, which was rejected by the House two days ago. Also linked to the legislation is a two-year extension of tax breaks that will save individuals and corporations about $149 billion over the next decade, another move popular among House Republicans. Two-thirds of House Republicans and 40 percent of Democrats defeated the bailout plan on a 228-205 vote. President George W. Bush and Senate leaders vowed to revive the legislation. The Senate is expected to pass the bill, with most Democrats and Republicans behind it. There's also increased optimism the House will go along, as pressure mounts on lawmakers to help restore confidence in the banking system. European Central Bank President Jean-Claude Trichet said U.S. lawmakers must pass the measure to shore up confidence in the global financial system. European governments have helped rescue at least five banks since Sept. 28, with Trichet taking part in talks to save Belgium's Fortis over the weekend. ``It has to go, for the sake of the U.S. and for the sake of global finance,'' Trichet said in an interview in Frankfurt with Bloomberg Television late yesterday. ``I am confident, but of course it is the decision of the U.S. Congress.''
In a stunning vote on Monday that sent global markets reeling, the House rejected the bailout largely with opposition from conservative Republicans who may be lured to support a new package with the tax breaks...
"We welcome the progress made by Senators Reid and (Senate Republican leader Mitch) McConnell toward a modified bill and to schedule a vote," said White House spokesman Tony Fratto...
House Minority Leader John Boehner "was consulted on (the revised package) and gave it the green light," his spokesman said
News From The Associated Press | jacksonsun.com |
... who struck a post-midnight deal on a $700 billion bailout ... The rescue plan casts Washington's long shadow over Wall ... Judd Gregg, the chief Senate Republican in the talks, told ...
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Congress pushes back on bailout
... about the Treasury's $700 billion financial rescue proposal ... Congress pushes back on bailout Democrats want U.S. ownership ... Senate Banking Chairman Christopher Dodd (l) and Sen.
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Paulson, Senate Dems reach tentative bailout deal
Paulson, Senate Dems reach tentative bailout deal ... fragile — agreement on a $700 billion plan to rescue the U.S. financial markets. Senators ...
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Pelosi: Rescue is not a bailout but a 'buy-in'
Rescue is not a bailout but a 'buy-in' - CHICAGO ... WASHINGTON ... Rescue is not a bailout but a 'buy-in' Bailout discussion continues Senate sends big spending bill to ...
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Congress White House Reach Financial Bailout Deal
... and the White House agreed Sunday to a $700 billion rescue ... The biggest U.S. bailout in history won the tentative ... Chris Dodd, chairman of the Senate Banking, Housing and ...
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Congress Making Progress On Revised Bailout Plan
Prospects for a financial rescue plan improved in Congress as the Senate prepared to vote Wednesday night on a revised package and two House leaders said headway is being made in their chamber. A member of the Senate Democratic leadership told CNBC ...
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Source: CNBC
NewsDateTime: 21 minutes ago
Energy tax credits gain momentum from bailout
WASHINGTON (Reuters) - Legislation extending tax credits for the solar, wind and biodiesel industries gained new life on Wednesday as U.S. Senate leaders said they plan to attach the tax bill to a $700 billion economic rescue package. The Senate is ...
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Source: Reuters
NewsDateTime: 36 minutes ago
FACTBOX: Senate seeks vote on $700 billion bailout
(Reuters) - The Senate will seek a vote on the $700 billion Wall Street rescue plan some time after 7:30 p.m. EDT on Wednesday. If the Senate passes the legislation, it must still be approved by the House of Representatives which voted against a ...
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Source: Reuters
NewsDateTime: 1 hour ago
TOPWRAP 6-U.S. Senate urged to back revised bank rescue
Revamped U.S. rescue faces Senate vote * European policymakers urge approval, plan to tighten rules ... Strip Poker McCain, Obama urge bailout action The morning after Deadly blaze hits porn store Seeing tree houses in New York ...
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Source: Reuters UK
NewsDateTime: 3 hours ago
Stocks Flutter Ahead Of Bailout, Take Two
Wall Street is set to orbit around Washington again, with the Senate expected to vote on its version of the financial rescue package Wednesday evening. U.S. stocks took only modest losses in early trading, after two days of dizzying moves. After a ...
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Source: Forbes
NewsDateTime: 1 hour ago
The Sentiment Swings
After a week-long torrent of calls and e-mails from angry voters opposing the rescue package, the tide turned after markets plunged on Sept. 29 in response to the House vote. ``Over $1 trillion worth of market value was wiped off the books by the stock market drop,'' said Senator Robert Bennett, a Utah Republican. ``It is ordinary people looking at ordinary pensions, with their ordinary Main Street kind of 401(k) plans, who lost that $1 trillion. And they lost it in a matter of minutes.'' Texas Republican Representative Joe Barton's office said constituent calls and e-mails swung to as much as 70 percent in favor of congressional action, after having been overwhelmingly against a taxpayer rescue of Wall Street. The Dow Jones Industrial Average's record 778-point nosedive two days ago ratcheted up pressure on Congress. Flood of E-Mails The flood of e-mails to Capitol Hill swamped congressional computers, slowing communications and Internet access, said Kyle Anderson, a spokesman for the House Administration committee. On Google Inc.'s search engine, ``bailout vote'' and ``House vote'' were the fifth- and sixth-most-searched terms on Sept. 29. ``Roll call vote'' and ``who is my congressman?'' also made the top 50. House Minority Whip Roy Blunt, the Republicans' chief vote counter, predicted that voters' economic worries would force Congress to act. ``The impact this could have on the markets will have a big impact on getting people back to wanting to work together to get this problem solved,'' Blunt said. House Republican leader John Boehner, who backed the House measure that failed, said he backs the Senate legislation. To be sure, some lawmakers say their constituents are still opposed, and they have no regrets about killing the plan that was presented to the House. ``One of the best votes of my career,'' said Representative Peter DeFazio, an Oregon Democrat. Pressure From Lobbyists While voters jammed Capitol switchboards, lobbyists also stepped up pressure on Congress to do something. A collection of 56 trade groups -- from the U.S. Chamber of Commerce to the American Meat Institute and the National Roofing Contractors Association -- released an open letter urging Congress to act. ``Virtually every American has witnessed their retirement investment and savings accounts decline steeply,'' the letter said. ``The evaporation of credit is affecting businesses of all sizes and consumers and we run the risk of further declines in housing values.'' The bank-rescue package would give the Treasury secretary broad power to buy troubled assets, chiefly mortgage-backed securities, that are burdening investors and financial institutions. The Senate's final version of the legislation is still being drafted. Under the accord, announced on the Senate floor, Republican Leader Mitch McConnell and Majority Leader Harry Reid must still agree on the language before a vote can take place. It will be offered as an amendment to a piece of House-passed legislation awaiting Senate action and called up for a vote after 7:30 p.m. Washington time. Tax Credits The tax package that's part of the legislation also includes $17 billion in tax credits for the development of solar, wind and other forms of renewable energy. It passed the Senate on a 93-2 vote last week and differs from a version the House also approved. The package would spare 24 million households from a $62 billion alternative-minimum tax that is due to take effect this year. Fiscally conservative House Democrats known as Blue Dogs opposed the Senate bill because it wasn't fully offset by new tax revenue. The House version of tax breaks was paid for. Senate leaders refused to consider the House bill, saying it would never pass in that chamber. The financial rescue measure won support from 24 of the Blue Dogs on Monday. House Democratic leaders reacted cautiously to last night's announcement of the Senate agreement. On NBC's ``Today'' show this morning, House Majority Leader Steny Hoyer said the tax extenders, which are popular with Republicans, may cause loss of some Democratic support. Not Pleased ``We're going to have to be talking to them,'' Hoyer said of the Blue Dogs. ``I'm not particularly pleased with that addition myself, very frankly.'' At the White House, the president said yesterday he realized ``this is a difficult vote for members of Congress. But the reality is that we're in an urgent situation and the consequences will grow worse every day.'' Bush ``will be speaking with senators today,'' spokesman Tony Fratto said in an e-mail today. ``This morning we're seeing increased evidence of the credit squeeze on small businesses and municipalities all across the country, so it's critically important that we approve legislation this week and limit further damage to our economy.'' To help restore confidence in the nation's lenders, FDIC Chairman Sheila Bair sought the temporary increase in the bank- deposit insurance limits. Under the measure, banks will not be required to pay additional premiums for the coverage, which expires in 2009. The FDIC change was endorsed by both Republican presidential nominee John McCain and Democratic rival Barack Obama. Both presidential candidates plan to return to Washington for tonight's vote, their aides said. Reid said he's in contact with White House Chief of Staff Josh Bolten. He also said Obama informed him he talked to Bush about the plan. ``We're working together to try to resolve this,'' Reid said.
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