how in the HELL can the senate vote on a Bill NOT PASSED in the House?
Senate to vote on financial rescue plan on Wed.
1 minute ago
By CHARLES BABINGTON and JIM KUHNHENN
Associated Press Writers
(AP:WASHINGTON) 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 _ 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.
The move to add a tax legislation _ including a set of popular business tax breaks _ risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.
But by also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum for the Wall St. bailout from House Republicans.
The surprise move capped a day in which supporters of the imperiled multibillion-dollar economic rescue fought to bring it back to life, courting reluctant lawmakers with a variety of other sweeteners including the plan to reassure Americans their bank deposits are safe.
Wall Street, at least, regained hope. The Dow Jones industrials rose 485 points, one day after a record 778-point plunge following rejection in the U.S. House of the plan worked out by congressional leaders and the Bush administration.
Before Reid and McConnell's move, lawmakers, President Bush and the two rivals to succeed him all rummaged through ideas new and old, desperately seeking to change a dozen House members' votes and pass the $700 billion plan.
WTF happened to constitutional Law?.....never fcukin mind
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