Everybody Has Their Price
-that of a U.S. congressman is 9 billion dollars.
The so-called bailout legislation designed to solve the current financial crisis is apparently becoming the most expensive logrolling-deal in known history. Adjustments sapping the federal budget of nearly 110 billion dollar were added to obtain the support of 12 representatives.
The bailout-bill was voted down this Monday in the House, but now the Senate has passed its amended version. The bill is now referred back to the House with changes most notably in raised levels of deposit insurance (from 100,000 dollars to 250,000) and several tax-breaks. The added tax-breaks are meant to get 12 more republicans to back the bill, thus allowing it to pass. Along with the new Republican votes several Democrats are expected to change their vote to support the bill. Previously the Democrats support was ailing at best, as representatives didnt wish to appear to be supporting Bushs government and greedy Wall Street bankers.
The Senate has added an estimated 110 billions worth of extra expenses to the bill. These extra billions have nothing to do with the 700 billions the treasury will use to obtain distressed mortgages and other such assets from the banks. Among these extra expenses are several tax-breaks, for example to solar power, companies research and development costs - even childrens wooden arrows are included.
Divide that 110 billion dollars between twelve representatives and the price of a representative seems to be about 9,2 billion dollars.
The so-called bailout legislation designed to solve the current financial crisis is apparently becoming the most expensive logrolling-deal in known history. Adjustments sapping the federal budget of nearly 110 billion dollar were added to obtain the support of 12 representatives.
The bailout-bill was voted down this Monday in the House, but now the Senate has passed its amended version. The bill is now referred back to the House with changes most notably in raised levels of deposit insurance (from 100,000 dollars to 250,000) and several tax-breaks. The added tax-breaks are meant to get 12 more republicans to back the bill, thus allowing it to pass. Along with the new Republican votes several Democrats are expected to change their vote to support the bill. Previously the Democrats support was ailing at best, as representatives didnt wish to appear to be supporting Bushs government and greedy Wall Street bankers.
The Senate has added an estimated 110 billions worth of extra expenses to the bill. These extra billions have nothing to do with the 700 billions the treasury will use to obtain distressed mortgages and other such assets from the banks. Among these extra expenses are several tax-breaks, for example to solar power, companies research and development costs - even childrens wooden arrows are included.
Divide that 110 billion dollars between twelve representatives and the price of a representative seems to be about 9,2 billion dollars.