The Senate To Vote Tonight On Modified Bailout’s Bill – Do Not Let It Pass!!

Lou Dobbs announced last night,  September 30, 2008,  that the Bailout bill will go straight to the Senate without Congress’ approval! Please call 202-224-3121 or E-mail the senate at senate . gov and demand that the BAIL OUT BILL not be passed today! There are other alternatives we can explore before… like clearing taxpayer debts, create an agency to fund the bailout, loan that agency the money from the treasury, and then have that agency tax Wall Street to pay the treasury back or even changing federal requirements that force banks to keep a certain level of cash on hand for every dollar they lend out. There’s always another choice…

In a surprise move to resurrect President George W. Bush’s $700 billion Wall Street rescue plan, Senate leaders scheduled a vote on the measure for Wednesday but added a tax cut plan already rejected by the House of Representatives.

Sen. Harry Reid, leader of the Democratic majority, who sets the Senate agenda, and Republican leader Mitch McConnell disclosed the plan Tuesday. The Senate plan also would raise federal deposit insurance limits to $250,000 from $100,000 per account, as suggested by both presidential nominees a few hours earlier.

The move to add tax legislation – including a set of popular business tax breaks – risked a backlash from House Democrats insisting they be “paid for” with savings elsewhere.

By also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum from House Republicans for the Wall Street bailout. The presidential candidates, Sens. John McCain, the Republican, and Democrat Barack Obama, intend to fly to Washington for the votes, as does Sen. Joe Biden of Delaware, the Democratic vice presidential candidate.

The alternative minimum tax was created in the 1970s to bring in money from very rich people who avoided heavy taxes through legal loopholes; inflation and escalation in salaries over the decades have put millions of middle-class wage-earners in range of the increased tax unless it is changed.

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~ by spyaokid on October 1, 2008.

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