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Senate sweetens the rescue bill

Members of Congress gather in the Senate chamber

TEXT OF STORY

Kai Ryssdal: Maybe you picked up on Representative (Peter) DeFazio's displeasure with the Senate bill. (Kai talked with DeFazio in another story). He's got plenty of company on both sides of the aisle. So, as he mentioned, to attract more votes Senate leaders have added a number of sweeteners. But they ain't gonna come cheap. Our Washington bureau chief John Dimsdale has that part of the story.


John Dimsdale: The Senate version temporarily insures bank accounts up to $250,000. It also adds expiring tax benefits for small businesses and renewable-energy projects. And it shields middle class taxpayers from the onerous Alternative Minimum Tax.

The price tag for these extras is another $130 billion. But Senator Judd Gregg, the lead Republican on the Budget Committee, says the tax breaks should not be viewed as extra costs.

Judd Gregg: It is not an issue of adding $100 billion to this bill. Everybody knew these tax extenders were going to occur. There's no way we're going to let the solar or wind credit lapse. There's no way we're going to hit 20 million people with AMT.

But Vermont's independent Senator, Bernie Sanders, thinks Americans earning more than $500,000 a year should pay for some of the bailout.

Bernie Sanders: Given the fact that the top 1 percent of our population have made out like bandits economically, since Bush has been President, it seems to me very wrong that the middle class has got to pick up the tab.

Business groups are lobbying hard for the rescue package. The Chamber of Commerce's Bruce Josten thinks the Senate proposal has a better chance now that there's a little something for everybody.

Bruce Josten: The disaster-relief package for the California wildfire areas, the Midwest floods and Hurricane Gustav -- another opportunity for members to step up to the plate.

House and Senate members report public sentiment toward a government rescue has become more favorable since the stock market dropped after the House defeat on Monday.

In Washington, I'm John Dimsdale for Marketplace.

About the author

As head of Marketplace’s Washington, D.C. bureau, John Dimsdale provides insightful commentary on the intersection of government and money for the entire Marketplace portfolio.
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It is an outrage that all the "pork barrel" BS has been added to this bill. I am not willing to pay for anything over and above what was in the initial (3) page bill which has ballooned to (400) pages. Another example of our government working for the people?!?!?. Will the rape of the middle class never stop!!

We as a country cannot live for long on borrowed money. Let the banks write off all the bad loans and go back to the basics - lend money with proper collateral. The country is in the hock for trillions of dollars.

Again the politcians fail us i mean come on there is so much pork in this rescue bill (fancy label for failed bail out) Do we need to fill the pockets of more big companies with tax subsidies that the working person will never see it will only translate to bigger bottom line with a bigger bonus for those at the top BOTH OBAMA AND MCCAIN FAILED US ALONG WITH THE REST STOP THIS MADENESS TELL CONGRESS TO VOTE NO

I find I am still not happy with all the give aways the Senate is passing out that I can't get. The real reason for writing, is why did we give the Auto industry 25 Billion with almost no notice about it.

OUR BAIL OUT CRISIS WAS CAUSED BY A HANDFUL OF CORRUPT CONGRESSMEN AND A HANDFUL OF EQUALLY CORRUPT FANNIE MAE OFFICIALS WHO BOUGHT UP $7 TRILLION IN BAD DEBT IN ORDER TO PAD THE BOOKS AND COLLECT HUGE SALARY BONUSES FOR THEMSELVES.

HERE ARE THREE VIDEOS THOSE CORRUPT FANNIE MAE OFFICIALS & AT LEAST FIVE CORRUPT GOVERNMENT OFFICIALS DON'T WANT THE AMERICAN PEOPLE TO SEE:

http://www.youtube.com/user/TheMouthPeace

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=q2WKtp01yOw

Lets Make Them Famous. Will You Do Your Part And Pass These Videos Along To Everyone You Know?

Yeah, where's that link? It's killing me searching around. Did it get blown up from too many hits?

I've been looking everywhere for a link to the proposed legislation. Kai mentioned it in his Final Note, but I can't fid a link anywher on this website, either. Any pointers?
As Kai said:
"If you want to see for yourself, we've got a link on our Web site. It's marketplace.org."

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