ID :
22281
Thu, 10/02/2008 - 07:40
Auther :
Shortlink :
http://m.oananews.org//node/22281
The shortlink copeid
Senate to vote on bailout package today
Washington, Oct 1 (PTI) The U.S. administration's USD 700
billion bailout package, which was rejected by House of
Representative on Monday, has been modified and will come up
for voting in the Senate Wednesday, after incorporating tax
cuts and a higher limit for insured bank deposits.
Along with proposed tax cuts for businesses, the modified
bailout plan includes raising the federal deposit insurance
levels to USD 250,000 from the current USD 100,000.
The proposal for increasing the deposit insurance limits
has the backing of presidential candidates and many American
law makers.
The finer aspects of the Senate legislation is also
looking at ways to prevent the more than 20 million middle
class taxpayers from feeling the pinch of the alternative
minimum tax.
After the bailout package was defeated in the House of
Representatives, Bush administration and congressional leaders
have been looking at ways to mollify dissenters, especially
from the Republican fold.
The various alternatives being considered include
modifying the current requirements on how banks and financial
institutions adjust the value of assets to reflect current
market prices.
With barely five weeks to go for the Nov. 4 showdown, the
bailout package has become a major election issue even as
White House hopefuls -- Obama and McCain -- have called for
the need to put aside partisan politics.
"The first thing I would do is say, Let's not call it a
bailout. Let's call it a rescue," McCain told CNN.
He said, "Americans are frightened right now", and the
Arizona Republican maintained and argued that political
leaders must give them an immediate solution and a longer-term
approach to the problem.
Meanwhile, Obama has issued a statement saying that
increasing the federal deposit insurance would help small
businesses and make the U.S. banking system more secure,
besides restoring public confidence.
The Bush administration is frantically looking at ways in
which the rude shocks of the last few days could be minimised,
essentially making the point that continuing losses in Wall
Street of close to trillion dollars or more can not be
sustained by the economy.
billion bailout package, which was rejected by House of
Representative on Monday, has been modified and will come up
for voting in the Senate Wednesday, after incorporating tax
cuts and a higher limit for insured bank deposits.
Along with proposed tax cuts for businesses, the modified
bailout plan includes raising the federal deposit insurance
levels to USD 250,000 from the current USD 100,000.
The proposal for increasing the deposit insurance limits
has the backing of presidential candidates and many American
law makers.
The finer aspects of the Senate legislation is also
looking at ways to prevent the more than 20 million middle
class taxpayers from feeling the pinch of the alternative
minimum tax.
After the bailout package was defeated in the House of
Representatives, Bush administration and congressional leaders
have been looking at ways to mollify dissenters, especially
from the Republican fold.
The various alternatives being considered include
modifying the current requirements on how banks and financial
institutions adjust the value of assets to reflect current
market prices.
With barely five weeks to go for the Nov. 4 showdown, the
bailout package has become a major election issue even as
White House hopefuls -- Obama and McCain -- have called for
the need to put aside partisan politics.
"The first thing I would do is say, Let's not call it a
bailout. Let's call it a rescue," McCain told CNN.
He said, "Americans are frightened right now", and the
Arizona Republican maintained and argued that political
leaders must give them an immediate solution and a longer-term
approach to the problem.
Meanwhile, Obama has issued a statement saying that
increasing the federal deposit insurance would help small
businesses and make the U.S. banking system more secure,
besides restoring public confidence.
The Bush administration is frantically looking at ways in
which the rude shocks of the last few days could be minimised,
essentially making the point that continuing losses in Wall
Street of close to trillion dollars or more can not be
sustained by the economy.
