The Senate passed a revised Wall Street bailout with considerable bipartisan support.
The Vote was 74 - 25.
Forty Democrats and 34 Republicans voted aye, while the nays included 10 Democrats and 15 Republicans.
The Senate's version merged the original $700 billion plan to buy troubled debt with what The Wall Street Journal notes is "a host of measures designed to win the support of reluctant lawmakers," including "an increase in bank deposit insurance limits, a suggested change to accounting rules, and a $150.5 billion package of unrelated personal and corporate tax cuts."
I understand something must be done to"rescue the economy. The increased bank deposit insurance limits and the change to accounting rules are long over due and steps in the right direction. I remain unconvinced that the, now $850 billion, bailout is the right approach to solve the "housing crisis" brought to us by misguided Democrat and "community organizer" efforts to promote home ownership for unqualified buyers.
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