Today the U.S. Senate will debate their version of the $700 billion bailout. They will vote on the measure this evening (around 9pm EST).
What they are not telling you, is the Senate version of the bill is nothing more than the House version (which failed earlier this week) with a lot of added pork (and beans).
The original bill was 3 pages. The House version was 106 pages. The Senate version is now 451 pages. You can download it here.
The Senate version raises the amount of FDIC coverage from $100,000 to $250,000, but that can be done without Congressional action, so it’s not a great selling point if you ask me. Basically, the Senate version does nothing but add special earmarks and incentives for Senators who happen to oppose the measure. Isn’t it nice to know that our Senators can be bought so easily? Isn’t it nice to know that they are willing to sell out the interests of the American people for a little pork on their plate. How disgusting.
If this bill was worth the paper it was printed on, Senators would support it on it’s own merits. There would be no need to add incentives to ‘gain their support’.
Call your Senator and demand that they reject this bill and sit down to work an a bill that will actually help the American people.
Update: It was brought to my attention that the “earmarks” in this bill, when in fact, the Senate was simply combining a bill that had been voted on earlier in the week with major support. Of course, this brings up more issues for me. Senators should not need to “sweeten” the deal for this bill, if it’s truly a good bill for America.