After several weeks of conversation and rejection of bills and speeches, the House and Senate finally passed the 700 billion dollar bailout. President Bush signed the bill into a law yesterday. The vote in the House was 263 to 171, well above the 218 votes needed to pass the bill.
"Our message to Wall Street is the party is over."—House Speaker Nancy Pelosi
Now that it is officially a law, will it work? Well experts say it will take months before the economy starts to turn around.
In order for this bill to have been passed it had to promise some states several things like $192 million for the rum producers of Puerto Rico and Virgin Islands, $128 million for car racing tracks, $33 million for corporations operating in American Samoa, and $10 million for small film and television productions. I mean really, aren’t we already struggling with finances. Are these things really necessary to bring this country back to the Super power it use to be? Money for rum, car racing, what is this government thinking? I understand that these things will generate money, but they had to bribe these politicians to vote on this bill, that is not right.
However despite the above promises there are some extremely good things that this bill will be taking part in. For Instance, the extension of numerous tax breaks for research and development and renewable energy companies, as well as personal tax breaks for college tuition and disaster victims. It also proposes adjusting the Alternative Minimum Tax, so it doesn't hit more than 20 million middle class Americans in 2009.
"Our message to Wall Street is the party is over."—House Speaker Nancy Pelosi
Now that it is officially a law, will it work? Well experts say it will take months before the economy starts to turn around.
In order for this bill to have been passed it had to promise some states several things like $192 million for the rum producers of Puerto Rico and Virgin Islands, $128 million for car racing tracks, $33 million for corporations operating in American Samoa, and $10 million for small film and television productions. I mean really, aren’t we already struggling with finances. Are these things really necessary to bring this country back to the Super power it use to be? Money for rum, car racing, what is this government thinking? I understand that these things will generate money, but they had to bribe these politicians to vote on this bill, that is not right.
However despite the above promises there are some extremely good things that this bill will be taking part in. For Instance, the extension of numerous tax breaks for research and development and renewable energy companies, as well as personal tax breaks for college tuition and disaster victims. It also proposes adjusting the Alternative Minimum Tax, so it doesn't hit more than 20 million middle class Americans in 2009.
It’s not about helping Wall Street, but Main Street.
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