Jim Webb and John Warner Vote Yes on Financial Rescue Plan

By: Lowell
Published On: 10/1/2008 11:15:44 PM

Tonight, the US Senate passed HR 1424, "to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes," by a 74-25 margin.

Jim Webb voted "yea," as did John Warner.  Barack Obama and John McCain both voted "yea." Among those voting "nay" included Jon Tester, Russ Feingold, Tim Johnson, Elizabeth Dole, Mary Landrieu, and some big-time right wingers like Sam Brownback, Jim Bunning, James Inhofe, and Jim Demint. It's kind of all over the place, but in the end the bill passed overwhelmingly, with both US Senators from Virginia plus the two presidential candidates supporting it. Thoughts?


Comments



Yay! (tx2vadem - 10/1/2008 11:39:24 PM)
Webb and the two Warners right on!  Go team!


Well (Ron1 - 10/2/2008 1:05:18 AM)
I guess it means that the letter he sent with his colleagues must've been just a bargaining ploy. At the very least, there are no specified limits on executive compensation as he had demanded earlier. Arguably, some of the other requirements for his assent have also not been met.  


Maybe Now? (phillip123 - 10/2/2008 1:53:35 AM)
Maybe now Jim Webb will have enough time to get out on the stump for Obama.


Not only did Bernie Sanders vote against it, he (don mikulecky - 10/2/2008 2:56:11 AM)
offered a far superior plan!


He was right to do so (snolan - 10/2/2008 7:41:08 AM)
This bill is worse than the one the house tried on Monday; it panders to the neo-cons too much and still does not address the fundamental problem: foreclosures.


hmmmm (Eric - 10/2/2008 8:33:01 AM)
So they turned a 700b bill into a 810b bill.  Doesn't sound like were going in the right ddirection.  But at least the energy credits got added in.


Yeah, except there are also credits for (Lowell - 10/2/2008 8:37:20 AM)
coal-to-liquids and tar sands in there!  Environmentalists are NOT happy.  Coal-to-liquids and tar sands are an environmental disaster, the exact wrong thing to do, dead wrong.


Yeah (Eric - 10/2/2008 9:44:49 AM)
that makes it even more in the wrong direction if that's possible.  Most people are either against the bailout or think it sucks but we have to do it to save the economy.   And so what does the Senate do?  They make it worse!  No wonder congress has approval ratings lower than the Worst President In History.

It sure ain't smart government to take a crappy bill to begin with and make it worse - it costs more and it caves to the extremist flat-earth ideologues in the House (hmmmm... now why does Richmond keep popping in my head when I write that?) on things that will help the Republican's friends while destroying the environment and NOT moving us forward with a really nasty energy problem we have.



Lost the income tax provision (Teddy - 10/2/2008 9:07:22 AM)
extending the forgiveness of tax on curtailed mortgage reduction---- when a homeowner on, say, a short sale, benefits from the curtailment of his mortgage in order to accept the low-priced sales offer. Without extending that provision in the income tax law, the poor schmuck who was upside down in his mortgage and sold his house for less than the mortgage, and was out from under that mortgage as a result, would have to pay income tax on the amount of the mortgage forgiven--- a double whammy. I was afraid this one tiny bone tossed to the little guy would get lost in the shuffle, and talked to Gerry Connolly about this very point recently.