If the House Republicans didn't like the bailout proposal they rejected on Monday, they're going to love what the Senate just passed. There's stuff for education, credits for steel industry fuel, stuff on the alternative minimum tax, energy credits, and additional oil industry tax breaks.
I guess these guys can't help themselves ... it's not like there's an emergency going on. The Senate, however, did put stuff in that would deal with the financial mess we're in. Good for them. Then they patted themselves on the back (profusely, I might add) for doing what we were all taught in kindergarten - to work together.
If House Republicans stood on principle in rejecting the proposal on Monday we can expect them to reject this Senate bailout proposal out of hand, right? Then what? But if the House Republicans cave in, and vote for this bill, what does it say about their principles?
Incredibly, I'm not sure I would vote against this bill if I were in the House of Representatives. The longer market uncertainty persists the easier it is for events to escape human control ...
I'm still reading through this 431 page (up from 109 pages) bill. Stay tuned.
- Mark
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