It now also “bails out” Hollywood actors from working overseas as well as Wall Street executives!
Others were aimed at narrower interests to win the votes of specific lawmakers, such as a tax break to encourage Hollywood studios to do more filming in the United States.
The tax provisions added more than $100 billion to the cost of the plan.
However, there are still some representives with backbone in congress:
Rep. Lloyd Doggett (D-Texas) was similarly unpersuaded. “The Senate measure has changed my position from ‘No’ to ‘Heck no,’ ” he said. “With the Senate amendment, the bailout has gone from bad to worse, $105 billion more in public debt worse.”
Here is what my rep, Joe Pitts – has to say:
Congressman Joe Pitts (PA-16) today released the following statement after voting against the Emergency Economic Stabilization Act of 2008: “Doing something about the current market situation is critically important, but rushing to approve a flawed bill violates the responsibility I have to my constituents. I could not support forcing the taxpayers to carry the burden of $700 billion in poor financial decisions on Wall Street. This bill would have fundamentally altered the relationship between the government and our financial system.”
…and here is a great speech by Rep. Thaddeus McCotter (I wonder if he is related to Jim?).