Oh goodie, they’re back at it:
In a surprise move to resurrect President Bush’s $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday Ã¢â‚¬â€ but added a tax cut plan already rejected by the House.
Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday. The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.
Considering middle class outrage was in part responsible for the death of Bailout I, will raising the FDIC limit from $100,000 to $250,000 help sell this revised plan to those of us on “Main Street”? Has the middle class has been worried to death for years about safeguards for their money once the balance of their savings accounts exceeds a hundred grand?
Additionally, I’m all for tax cuts, but doing so while shoving off another trillion dollars worth of debt on us seems more than a little counterproductive and insulting — it’s like getting a note of apology containing $5 from the person who just stole your car.
The Senate has their work cut out for them. Taking every item and re-submitting the exact same thing but calling it something different may take hours — days if they’re concerned with accuracy.
Update II: The “sweetened” bailout plan just passed the Senate. If it passes the House the entire confection will be coated with syrup and shoved up our arses.
Somewhat unrelated side note: This man needs a stupidity bailout. And no, that’s not me. My still is well maintained.