House bailout debate/vote thread

The House of Representatives is debating the bailout bill that cleared the Senate on Wednesday.

Bruce Braley, who voted against the bailout on Monday, has announced that he will support this version. His statement explaining his decision is after the jump.

Dave Loebsack and Leonard Boswell voted for the bailout on Monday and will surely support this version too.

I don't expect Tom Latham or Steve King to change their votes against the bailout.

UPDATE: The bill passed 263 to 171. Here is the roll call:

All three Democrats in the Iowa delegation voted yes, while Latham and King voted no.

SECOND UPDATE: George Bush signed the bill already.

Becky Greenwald issued the following statement:

Greenwald Condemns Latham for Voting Against Cleaning Up the Financial Mess He Helped Create

Waukee, IA - Today, Becky Greenwald condemned Tom Latham for voting against the Emergency Economic Stabilization Act of 2008 as the economy faces its most serious crisis since the Great Depression.

"I am disappointed that Tom Latham voted against fixing the financial mess he helped create. Latham's years of support for George Bush's failed economic policies and deregulation of the financial markets while taking hundreds of thousands of dollars from Wall Street put America in the economic crisis it faces today. I'm just glad he didn't get his way when he supported George Bush's plan to privatize Social Security and risk America's retirement safety net on Wall Street. And to add insult to injury, this vote was also a vote against providing tax relief to middle income families and disaster victims in Iowa.

"I am pleased the House passed the Economic Rescue Bill. Today's bill will help to unfreeze credit, protect taxpayers, provide tax relief for Iowans affected by natural disasters, and fix the Alternative Minimum Tax to exempt middle-income taxpayers. It was clear action needed to be taken to protect Iowans, and these provisions go a long way to support working families in the 4th District, who were forgotten in the original bill.

"Through no fault of their own, Iowans who have planned and saved for retirement and families trying to send their children to college would have been forced to delay their plans. Something needed to be done, and Tom Latham voted to do nothing.

"It's time we have a representative that values working families and Main Street over Wall Street."

Braley to Support Financial Rescue Bill, Providing Multi-Billion Dollar Investment in Iowa Families, Businesses and Communities

Improved Rescue Package Includes Billions for Economic Recovery on Iowa Main Streets

Washington, DC - Rep. Bruce Braley (D-Iowa) released the following statement today announcing his support for the improved financial rescue package, which the House is expected to consider today.  Please see attached fact sheet for more information on the improved financial rescue package:  

"Today, we're facing an economic crisis as serious as any that our nation has faced in my lifetime.  While the crisis started on Wall Street, it now affects Iowans from all walks of life.  From homeowners to small business owners, college students to retirees, all Iowans are feeling the effects of this crisis.

"I have long advocated taking a balanced approach to the financial crisis that helps Iowa 's Main Streets as much as it helps Wall Street.  Significant improvements have been made this week that will help Iowa families, businesses, and communities by providing billions of dollars in economic relief directly to the Iowans who need it. While the updated version of this legislation is far from perfect, it will provide needed help for Iowa 's working families.

"This improved recovery plan is a vast improvement over the Bush Administration's original $700 billion, no-strings-attached plan.  The addition of increased FDIC limits will provide security for Iowa 's seniors and small businesses. This improved plan will provide help to Main Street financial institutions, not just Wall Street.  

"The recovery package gives the Treasury Secretary less than one-half the amount he originally requested to stabilize the credit markets.  If and when the President seeks additional authority for any amount over his authorized limit, I will not vote to grant that authority unless I am absolutely convinced that it is necessary to save our economy from disaster and will not be a risky investment for U.S. taxpayers.  I will continue to work to strengthen and improve the restrictions on executive compensation and recovery of taxpayer investments in stabilizing the markets, as well as legislation to reduce home foreclosures.

"While I would have liked more improvements, I am happy that the improved legislation includes billions of dollars that will go directly to Iowa , including $4.6 billion in tax relief for Iowans recovering from this year's unprecedented floods and tornadoes.   As Iowans across the state continue their work to rebuild, this provides additional resources and support.

"Middle class families receive substantial tax relief from this improved bill.   Over 40,000 families in my district would avoid paying higher taxes due to the Alternative Minimum Tax, providing millions of dollars in tax relief for working Iowa families.  Tax credits for working families, from tuition tax credits to energy conservation credits, will provide working families with real relief.

"This bill also provides a direct investment in Iowa 's economy by promoting renewable fuels production, from E-85 to wind energy.  These tax credits will create new jobs here in Iowa and provide a long-term investment in Iowa 's economy.

"This has been a long and difficult week, full of great apprehension and uncertainty.  The wait has been worth it.  I'm convinced that Iowa and Iowans will be much better off under this new economic recovery package, and that's why I'm voting "yes" today."

  • Bailout bill is a bigger pig

    And the lipstick is shiny for Republicans.

    I'm sorry to see Braley is caving on this one, instead of just staying in DC and working with Brad Sherman to write a better bill.  

  • This is why Braley was voting for it


         (a) In General- Subject to the modifications described in this section, the following provisions of or relating to the Internal Revenue Code of 1986 shall apply to any Midwestern disaster area in addition to the areas to which such provisions otherwise apply:

               (1) GO ZONE BENEFITS-

                     (A) Section 1400N (relating to tax benefits) other than subsections (b), (d), (e), (i), (j), (m), and (o) thereof.

                     (B) Section 1400O (relating to education tax benefits).

                     (C) Section 1400P (relating to housing tax benefits).

                     (D) Section 1400Q (relating to special rules for use of retirement funds).

                     (E) Section 1400R(a) (relating to employee retention credit for employers).

                     (F) Section 1400S (relating to additional tax relief) other than subsection (d) thereof.

                     (G) Section 1400T (relating to special rules for mortgage revenue bonds).

               (2) OTHER BENEFITS INCLUDED IN KATRINA EMERGENCY TAX RELIEF ACT OF 2005- Sections 302, 303, 304, 401, and 405 of the Katrina Emergency Tax Relief Act of 2005.

         (b) Midwestern Disaster Area-

               (1) IN GENERAL- For purposes of this section and for applying the substitutions described in subsections (d) and (e), the term `Midwestern disaster area' means an area--

                     (A) with respect to which a major disaster has been declared by the President on or after May 20, 2008, and before August 1, 2008, under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act by reason of severe storms, tornados, or flooding occurring in any of the States of Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, and Wisconsin, and

                     (B) determined by the President to warrant individual or individual and public assistance from the Federal Government under such Act with respect to damages attributable to such severe storms, tornados, or flooding.

               (2) CERTAIN BENEFITS AVAILABLE TO AREAS ELIGIBLE ONLY FOR PUBLIC ASSISTANCE- For purposes of applying this section to benefits under the following provisions, paragraph (1) shall be applied without regard to subparagraph (B):

                     (A) Sections 1400Q, 1400S(b), and 1400S(d) of the Internal Revenue Code of 1986.

                     (B) Sections 302, 401, and 405 of the Katrina Emergency Tax Relief Act of 2005.

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