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Senate Puts Pressure on House to Pass Bailout

New bill will cost even more

By Kevin Spak, Newser Staff

Posted Oct 2, 2008 9:22 AM CDT

(Newser) – By resoundingly passing its version of the bailout bill, the Senate has ratcheted up the pressure on House leaders to go along with the plan, the Swamp reports. “We’re going to fix the problem this week,” promised Mitch McConnell. The new bill more than doubles the FDIC insurance cap and eliminates the Alternative Minimum Tax, provisions expected to be a hit with House Republicans.

The additions also tack $100 billion onto what one critical Republican senator called “the largest expenditure in the history of the Republic.” Though the bill passed 74-25, vehement objections were voiced, with many predicting that the plan wouldn’t work. “It would be nice to say it’s a cure,” said supporter Jack Reed, “but frankly it’s a tourniquet.”

The White House is seen on Wednesday, Oct. 1, 2008, in Washington, ahead of the evening's planned Senate vote on the $700 billion financial bailout. (AP Photo/Charles Dharapak)

Harry Reid talks with reporters during a news conference on the passage of the Senate version of the bailout package Wednesday, Oct. 1, 2008 in Washington. (AP Photo/Evan Vucci)

Harry Reid pauses during a news conference on the passage of the Senate version of the bailout package on Capitol Hill Wednesday, Oct. 1, 2008 in Washington. (AP Photo/Evan Vucci)

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Senate Puts Pressure on House to Pass Bailout

New bill will cost even more

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ECB Makes Massive $639B Loan to Banks

For a period of three years

GOP Pulls 'Reverse Braveheart ' on Payroll Tax

Scots got slaughtered, points out Dana Milbank

Boehner Cancels Payroll Vote

House Republicans revolt, call for conference committee

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

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Senate Puts Pressure on House to Pass Bailout

New bill will cost even more

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OTHER STORIES ON OUR RADAR

Senate • Jack Reed • Alternative Minimum Tax • FDIC • House Republicans • bailout • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

ECB Makes Massive $639B Loan to Banks

For a period of three years

GOP Pulls 'Reverse Braveheart ' on Payroll Tax

Scots got slaughtered, points out Dana Milbank

Boehner Cancels Payroll Vote

House Republicans revolt, call for conference committee

Ex-AIG CEO Sues US Over Bailout

They say takeover violated investors' fifth amendment rights

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

About Us

Site

Newser By Users

Community

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More News

What is Newser?