"Pass The Bailout And The Pork!"

Now that the Senate has overwhelmingly approved the $700 billion Wall Street bailout -- fattened with "sweeteners " into an $800 billion bailout -- Congressional leaders are "cautiously optimistic" that the House won't reject it for a second time this week.

The economic rescue plan breezed through the Senate Wednesday night on a 75-24 vote, a move that was intended to put pressure on the House to also approve the measure.

A second rejection of the bill was "unthinkable," according to congressional leaders.

The House will be voting on a bill packed with $100 billion worth of extra incentives than Monday's proposal had.

Some of those additions have been assailed by spending watchdogs as "pork," like the $6 million for the makers of kids' wooden arrows, according to a summary of the bill released by the Senate Finance Committee.

Other goodies intended to attract the votes of individual members of Congress include $192 million for the rum producers of Puerto Rico and Virgin Islands, $128 million for car racing tracks, $33 million for corporations operating in American Samoa, and $10 million for small film and television productions.

Other Senate modifications with much broader appeal include a provision that gives the Treasury Department the authority to buy troubled mortgage securities.

The bill also now includes an extension of numerous tax breaks for research and development and renewable energy companies, as well as personal tax breaks for college tuition and disaster victims.

It proposes adjusting the Alternative Minimum Tax, so it doesn't hit more than 20 million middle class Americans in 2009.

Another key modification is a one-year increase in the limits of personal bank savings the government insures up to $250,000.

With the additions, the bill could achieve its goal of appealing to the 133 disapproving House Republicans. Rep. John Shaddeg, R-Ariz., who voted against the bill Monday, has changed his mind.

"At this point, I am assuming they don't change it, strongly leaning towards voting for it," Shaddeg said.

Nevertheless, Rep. Marcy Kaptur, D-Ohio, told "Good Morning America" that she will still vote "no," calling it "the wrong medicine."

"I think that the worst part is, this is adding over $1 trillion to our deficit," Kaptur said. She believes the crisis can be handled without saddling the voters with Wall Street's debts.

Let's Play "WALLSTREET BAILOUT" The Rules Are... Rep Kaptur

 

Despite promising support building on the Republican side, some are worried that fiscally conservative House Democrats will not support the bill's tax cuts that are not paid for in the budget.

"I personally am not very happy about that. I think there are aspects of the package which make the debt worse," said House Majority Leader Steny Hoyer. "Debt is the problem, that's why we're here."

Hoyer said he will support the new package regardless, but feared some Democrats who supported the bill Monday might switch their votes.

"If I believe we don't have the votes on Friday, perhaps I'll wait until Saturday, and if we don't have them on Saturday, perhaps we'll wait until Sunday," the Democratic House leader said.

On Wednesday, President George W. Bush heralded the Senate version of the bill, arguing that it's better than the one that failed to pass the House 228-205 on Monday.

"It's very important for members to take this bill very seriously," Bush said while meeting with NATO Cmdr. Gen. McKiernan in the Oval Office. "It's very important for us to pass this piece of legislation so as to stabilize the situation, so that it doesn't get worse and that our fellow citizens lose wealth and work. ... the bill is different. It's been improved. And I'm confident it will pass."

Still, the big looming question remains: what will happen when the bill returns to the House on Friday for a second vote?

Senate Republican Leader Mitch McConnell expressed confidence in the Senate's work, but wouldn't bet on its prospects in the House.

"We're confident that the way we've got this package will work in the Senate," McConnell said. "And we're optimistic it will work in the House."

    What red blooded politician can resist "pork"? Obviously the lobbyists bought US Senators (including Barack Obama and John McCain) figured if they put enough "pork" and tax breaks on the 700 billion dollar Wall Street bailout, the Congressmen and Congresswomen who voted against the bailout, will now vote for it. Some unprincipled ones undoubtedly will. For the good of America, let us pray to Heaven that others will see the game the Bush Administration is playing on American taxpayers, as US Representative Marcy Kaptur pointed out in her address before Congress last week ( please view the above You Tube video) Say no to the Senate "pork" and the Wall Street bailout!

tags: wall street bailout  bush  congress  marcy kaptur  politics  takebackamerica  business  the economy  us  barack obama  john mccain  2008  

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