Legal Commentary

Say No To The Senate Bailout Bill

By Big Tent Democrat

As someone who supported the defeated House mortgage/credit crisis Wall Street Bailout, this may come as a surprise, but I oppose the Senate Bailout bill to be voted on today. Why? Because it includes irresponsible sops to the Republicans, corporate tax breaks:

Top lawmakers said the Senate proposal, worked out after a day of behind the scenes maneuvering, would include tax breaks for businesses and alternative energy and higher government insurance for bank deposits.

(Emphasis supplied.) The silly Obama/McCain proposal to raise the FDIC insurance limits does nothing to address this crisis. It is a silly stupid gimmick. And the idea of giving more corporate tax breaks and suspending the Alternative Minimum Tax in the face of record deficits is absolutely outrageous. Harry Reid has produced a travesty. It shocks me to say this, but Steny Hoyer is absolutely right:

Representative Steny H. Hoyer of Maryland, the majority leader and a chief advocate of paying for the tax breaks, saying, “I am talking with my House colleagues about the Senate action and how to best proceed.” On NBC’s “Today” program Wednesday morning, Mr. Hoyer, said he was concerned that the tax issues could complicate the chances of passage when the legislation comes back to the House floor for a vote.

“There’s no doubt the tax package is very controversial,” he said, according to The Associated Press, ”There’s no doubt in my mind that the Senate added this because they thought that’s the only way they could get it passed.” He said, however, that he was not pleased the tax provisions were attached to the bill.

This is nuts. Harry Reid has produced a disgraceful bill. And of course the GOP is jumping for joy:

House Republican leaders, who said they had been advised about the Senate plan, said the new elements would appeal to their rank-and-file, which voted strongly against the legislation Monday. A spokesman for Representative John A. Boehner of Ohio, the Republican leader, said that “Mr. Boehner was consulted and gave the green light.”

I hope the Blue Dogs say no to this. It is a disgraceful piece of work by Harry Reid. Just awful.

By Big Tent Democrat, speaking for me only

Full post as published by TalkLeft on October 01, 2008 (boomark / email).