So, the deal that Reid has cut means making the plan more palatable to Republicans rather than to Democrats? How nice. Can we stop moving to the right? These guys LOST. Their leader is a lame duck. They are hated throughout the country. Act like a god damned majority party, would you?
WASHINGTON (AP) — Senate leaders have scheduled a vote for Wednesday on the 700 bllion Wall Street rescue plan rejected by the House.
Majority Leader Harry Reid and GOP Leader Mitch McConnell say, however, that they're going to add a tax cut package already rejected by the House on Monday.
The bipartisan move caps a day of behind-the-scenes maneuvering on Capitol Hill over what sweeteners to add to the bill to attract votes from House Republicans.
Reid and McConnell's move may prove popular with Republicans, but it risks a showdown with House leaders insisting that a popular measure extending certain business tax breaks be financed by tax increases elsewhere in the code.
The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000.
Raising the FDIC insurance limit would help people who already have a lot of money, but it would not benefit the vast majority of the country. How many households have a cool quarter million in cash just sitting around?
What else are they thinking of?
Other ideas include extending unemployment insurance benefits, typically a Democratic goal, but one that appeals to some Rust Belt Republicans. Another Democratic-backed idea would double the property tax deduction taken by people who do not itemize their taxes. And another calls for more spending on transportation infrastructure projects, which would create more jobs. Budget hawks in both parties might object, however.Extending unemployment insurance when unemployment is on the rise. There's an idea - helping the little guy and gal not starve or freeze this winter. Property tax deductions are nice if you own property and it is worth enough and you make enough to be able to take a deduction. Hmm, that might help me, but not as much as a solid economy all the way around. Spend money on infrastructure. Does this mean things like high speed rail and fixing delapidated bridges?
I myself like the Red Queen's suggestions:
1) We implement Galbraith's plan to eliminate caps on FDIC insurance and we fund the hell out of it. We also fund the hell out of FBI investigations into Bankster crimes. No one trusts a corrupt financial system and when there is no trust there is no credit. We need to implement measures to instill trust.Hey, Harry, here's a plan Democrats can get behind. Oh, right, you're a bipartisan Obamacan, not a Democrat anymore. Any plan that makes the Republicans happy is just fine by you.
2) We put in Hillary's HOLC program. But the mortgages that are most at risk. Keep people in their homes and paying something on them. This keeps property values level because the market isn't flooded with foreclosures while we work all the madness out of the standing loans.
3)Universal healthcare NOW. If we can come up with 85 billion for AIG, we can certainly come up with 85 billion for something that has a much more immediate and comprehensive effect on the health and household budgets of every single person in the country.
4)We have to stop living on credit and start paying people what they are worth. We need a national living wage, not minimum wage. Any person working full time should be able to afford the basics of food, shelter, and transportation. Any business that cannot afford to pay a living wage should fail.
5) Restructure corporate write offs. Corporations can take deductions for two things- wages paid to American workers (not including the golden parachutes of executives) and supplies bought from American companies. There is no reason anyone should get a tax break for spending money outside the US.
6) Tax the fuck out of golden parachutes. There may not be a way to limit the top of the wage scale, but we can certainly make it less profitable to ruin a company and then quit running it.
7) Tax the hell out of profits from dirty energy sources to pay for investment in clean energy. Allow companies to bypass the profit taxation if they put the money into green energy R& D directly.