Senate Advances Their Version of Economic Rescue Plan
Thursday October 2, 2008
After the House unexpectedly defeated the economic rescue plan this past Monday, the U.S. Senate passed the plan with some additional provisions added to it in order to make it a bit more palatable for some of its opponents. The House is expected to again vote on a plan this Friday.
The revisions added by the Senate include corporate tax breaks, tax relief for natural disaster victims, renewable energy incentives, a provision to prevent more than 20 million middle-income taxpayers from getting snared by the alternative minimum tax and a one-year increase in the federal insurance on individual bank deposits from $100,000 to $250,000. The Senate bill passed by a strong margin of 74-25.
While the Dow Jones Industrial average dropped a record of 777 points in Monday's session, since then it has oscillated back and forth a bit. In early trading Thursday the Dow dropped more than 100 points, fueled by additional bad economic news, including speculation that the monthly employment report due out this Friday will show that as many as 105,000 jobs were lost in September. If that turns out to be true it would be the largest monthly loss of jobs in five years. Additionally, all bets are off on what will happen when the House of Representatives votes on Friday.
The general consensus is that some action is necessary soon to free up tight credit markets and prevent additional failures of large financial institutions in the days ahead. How soon an agreement will be reached is anyone's guess at this point.
More on the Economy Around About
The revisions added by the Senate include corporate tax breaks, tax relief for natural disaster victims, renewable energy incentives, a provision to prevent more than 20 million middle-income taxpayers from getting snared by the alternative minimum tax and a one-year increase in the federal insurance on individual bank deposits from $100,000 to $250,000. The Senate bill passed by a strong margin of 74-25.
While the Dow Jones Industrial average dropped a record of 777 points in Monday's session, since then it has oscillated back and forth a bit. In early trading Thursday the Dow dropped more than 100 points, fueled by additional bad economic news, including speculation that the monthly employment report due out this Friday will show that as many as 105,000 jobs were lost in September. If that turns out to be true it would be the largest monthly loss of jobs in five years. Additionally, all bets are off on what will happen when the House of Representatives votes on Friday.
The general consensus is that some action is necessary soon to free up tight credit markets and prevent additional failures of large financial institutions in the days ahead. How soon an agreement will be reached is anyone's guess at this point.
More on the Economy Around About
- Bailout Means Taxpayers Could Profit At Wall Street's Expense: About Money Over 55
- What the Bailout Must Fix: About Stocks
- Are Your Accounts Safe? About Banking
Comments
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