The bailout bill passes in the Senate Wednesday night after a stunning vote of 74-25. The revised bill contained tax breaks among other things to help soften the Republicans into passing it. The bill is expected to be voted on by the House of Representatives where it failed the first time around on Friday. The Senate encourages the members of the House to maintain bipartisan views so that the bill can be passed.
xPirate says: THANK GOD!!! Let’s just hope there’s not another political deadlock in the House. I really think that this bill needs to pass. Of course, I’m no economist, so I don’t even know what’s really going on, and that’s why I don’t have much to say about it.
After the proposed 700 billion dollar bailout bill failed in the House of Representatives on Monday, major political leaders urged the congress to take immediate action on revising the plan in order to make it pass. Today, a revised bill will be introduced into the Senate, in hopes to save the current failing economy.
Mitch McConnell, a Kentucky Senator, says it would “shield Americans from a shockwave of problems they didn’t create.” Senator Harry Reid hopes that if the Senate shows a strong example of bipartisanship, the House of Representatives would be encouraged to do the same. Presidential candidates Barack Obama and John McCain will be returning to Washington D.C. for the vote that will take place later today.
Obama stated while speaking in Reno, Nevada, that without this bill “millions of jobs could be lost, and a long painful recession could follow. There will be a time to punish those who set this fire, but now is the moment for us to come together to put the fire out.”
xPirate’s thoughts on the matter: I think in previous posts I’ve already said that I thought it was necessary for this bill to pass. I guess we’ll find out later today. Stay tuned for updates.
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