Senate Bailout Plan
Having their heads handed to them in the House, the politicians now are trying to ram this thing through the Senate. Originality not being the strong suit in Congress they have stuffed some tax cut goodies in to buy us off. Problem with that idea is anyone who is paying attention knows those tax cuts have a shelf life of about 35 days, or to be specific, until after the election. There is no way they are going to do this without picking our pockets. Sure they are predicting doom if this fails but doom is coming anyway. We are better off dealing with it without first having the additional burden of this bailout hoisted on our shoulders.
The tax plan passed the Senate last week on a 93-2 vote. It included AMT relief, $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana, and some $78 billion in renewable energy incentives and extensions of expiring tax breaks. All told, it would cost about $112 billion over five years.
Convoluted as this is,why not just do this and not shovel the $700 Billion into the rat hole? As I said above, They want the money and they can ditch the tax stuff after November 5th.
Economics, Democrats, Politics,