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Bailout

NEWS
October 3, 2008
WASHINGTON (AP) -- Bit by bit, lawmaker by lawmaker, forces in favor of the massive financial rescue plan that was rejected just days ago are turning around the tide of opinion in Congress. They're using goodies, phone calls, old-fashioned arm twisting. They bring a keen knowledge of what needs to be added to the package to entice a particular congressman to flip, whether it has much to do with Wall Street or not. Mental health parity in big insurance plans? Sure, if that's what it takes.
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NEWS
October 3, 2008
Text of President Bush's statement Friday on Congress passing a $700 billion bailout bill for the financial industry, as provided by the White House: ------ BUSH: A short time ago, the House of Representatives passed a bill that is essential to helping America's economy weather the financial crisis. The Senate passed the same legislation on Wednesday night. And when Congress sends me the final bill, I'm going to sign it into law. There were moments this week when some thought the federal government could not rise to the challenge.
NEWS
October 3, 2008
WASHINGTON (AP) -- Wind power developers, disaster victims, college students, teachers and millions of taxpayers and businesses stand to see substantial benefits from the tax relief package that lawmakers added to the huge financial rescue plan. So will more narrowly focused groups, including motor sports racetrack owners, film producers and bicycle commuters. Virtually all of the tax breaks already exist. But many of them expired Jan. 1 for use in the current tax year, and the others will expire three months from now unless Congress renews them.
NEWS
October 3, 2008
http://www.rules.house.gov/110/text/110_hr4221_text.pdf Above is a link to the 442-page Senate approved financial markets bill as posted on the House Committee on Rules Web site. This is the base text under consideration. A vote by the House is expected Friday.
NEWS
October 3, 2008
"I am disappointed better alternatives weren't allowed a vote. I voted against this bill because as I said on Monday, rushing to bail out Wall Street won't protect Main Street. "This bill paid for by taxpayers fails to fix problems caused by government policies. ... "On Monday, I offered the Main Street Protection Act (HR 7228) to protect 100 percent of the accounts in FDIC-covered banks. On Tuesday, the federal debt ceiling crossed the threshold of $10 trillion. "My bill would have provided the time and confidence in our banking system for us to research, debate and construct legislation which would work in the long term - rather than this short-term fix at taxpayers' expense.
NEWS
October 3, 2008
WASHINGTON COUNTY -- The U.S. House of Representatives' decision to vote down a $700 billion Wall Street rescue plan drew mixed reaction Monday from local residents and elected officials.
NEWS
October 3, 2008
WASHINGTON -- The following statement was released today by the office of U.S. Rep. Roscoe Bartlett, R-Md., after the House of Representatives' passage of the financial bailout bill: Congressman Roscoe Bartlett said that "I am disappointed better alternatives weren't allowed a vote. I voted against this bill because as I said on Monday, rushing to bail out Wall Street won't protect Main Street. This bill paid for by taxpayers fails to fix problems caused by government policies.
NEWS
October 3, 2008
WASHINGTON - U.S. Rep. Bill Shuster voted against the $700 billion federal mortgage bailout earlier this week, but announced late this morning that he would vote for the bill coming before the House this afternoon. The bill passed the House by a 263-171 margin and was promptly signed by President Bush. "My constituents feel the pain ... and the pain will manifest itself as job losses," Shuster, R-9th, said of the crisis in financial markets. The version the House is voting on is virtually the same as that passed by the U.S. Senate on Wednesday night, he said.
NEWS
October 3, 2008
WASHINGTON - Rep. Shelley Moore Capito, R-W.Va., released the following statement Friday after voting against the financial bailout bill: "While we've seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday," said Capito. "We're still talking about $700 billion dollars, and we're still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules.
NEWS
October 1, 2008
"I agree with John McCain on one thing about the bailout. At any firm that accepts the bailout, all the officers should be limited to a total compensation no greater than that of the U.S. president, currently $400,000 per year. No exceptions, no bonuses, no stock options. If they don't want to accept that restriction, they don't have to accept the bailout. Why should the people who got us into this mess get golden parachutes?" -- Chambersburg, Pa. "Is there anyone out there that senses the drift in American politics toward socialism, or am I alone?
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