A sharply divided Congress approved President Barack Obama’s $787.2 billion recovery plan late Friday night, a huge political gamble for Democrats but also a vital beachhead for the new administration as it tries to turn around the collapsing economy.
Wrapped into the final measure is legislation seeking to impose tougher and retroactive pay limits on executives at banks receiving bailout funds from the Treasury. Engineered by Senate Banking Committee Chairman Christopher Dodd (D., Conn.) the provision is provoking concern in the industry, but also reflects real anger among voters over the bonuses enjoyed on Wall Street.
House passage on the package came on a 246-183 vote – with no support from Republicans. Senate action followed on a 60-38 roll call that stretched for five hours in a near-empty chamber as Sen. Sherrod Brown flew back on a government plane from his mother’s wake in Ohio.
Three Republican moderates-Sens. Olympia Snowe and Susan Collins of Maine and Sen. Arlen Specter of Pennsylvania – voted for the bill. But with Sen. Edward Kennedy (D., Mass) ill with cancer, Brown became the needed 60th vote, forcing him to shuttle back and forth between Washington and Ohio where his mother’s funeral is Saturday.
Obama is expected to sign the measure Tuesday in Denver.
Most striking was the stonewall of Republican opposition in the House, even after huge job losses in January and the many changes made in the package since it was first debated weeks ago.
New tax breaks have since been added in negotiations with the Senate. The proposed spending levels are substantially reduced and the overall cost of the package scaled back by more than $30 billion.
Republican aides had predicted this week that 10 to 20 party moderates could join in supporting the bill. But the grassroots pressure from conservatives has been immense, raising fears of Republican primary challenges. The result appears to be a hardening of positions – dramatized Thursday by New Hampshire Republican Sen. Judd Gregg’s withdrawal as Obama’s nominee as Commerce secretary.
The mood in the Senate was more tempered, given the three Republican defections and the huge influence they had on reshaping the Democratic package. But in a bit of political theater, Obama’s defeated rival, Sen. John McCain (R., Ariz.) was given the task of raising the crucial budget point of order against emergency spending in the bill. Gregg, just a day after withdrawing his name for the Cabinet, supported McCain. And even as McCain congratulated Obama on his anticipated victory, he was scathing in his comments.
“That this is bipartisan legislation is simply not accurate,” he said. “We want to work with the other side, and this is not the example that I think the American people wanted.”
(Source: Politico)
Join the official YWN WhatsApp status
7 Responses
Thank you to all the bleeding heart liberals as well as the three RINOs (who WILL be voted out of office ASAP for turning this country into the United Socialist States Of America. We shall certainly remember this day when you are up for re-election.
ML
“Most striking was the stonewall of Republican opposition in the House, even after huge job losses in January and the many changes made in the package since it was first debated weeks ago.”
Don’t get what’s so striking about that. They are putting $7000 on every family’s credit card, spending most of it on their non-stimulating agenda. Even BHO’s top advisors warned that if the stimulate bill is not done properly; it will do much more harm then doing nothing at all. As with this whole presidency, the emphasis on haste is stronger then the emphasis on deliberate. They are Rahming down our necks this huge spending bill, which will bankrupt America.
We all know that everything is in Hashem’s hands, and it’s all part of a plan, but just wondering how long it’s gonna take before he ticks off the wrong person. Reagan’s attempted assassination was 2 months into his presidency..
Uh, as a hard working individual that’s having trouble with my “bread & butter,” where do I line up to get my share?
#3 charliehall,
Please tell me that was said with tongue firmly implanted in cheek??
I called both my senators and my congressmen. My kids are very, very clear about the fact that I was totally and completely opposed to this. 40 years from now when they have 70% taxes, they can at least now that I tried to stop this. They will understand more then. Poor kids and future grand kids. What a horrible mess the government has just left them.
I disagree with number 3. I am proud of every Republican who did the right thing. I called Eric Cantor’s office on Friday to let them know how thankful I was that he attempted to stop this garbage.
So now the wait begins. How long before they admit this was a colossal failure?
So now you will be paying more taxes than the average Israeli and STILL you do not have full medical coverage as an Israeli does, and yeshiva tuitions are NOT going down. Looks like quite a few of you should be seriously considering aliya.
7, When I told my sister in EY about the socialized medicine in the bill she told me about theirs. This has NOT made the USA a better country. We need to hope when the libs are tossed out in 2010, the RIGHT people take over and get rid of these rediculous laws.
In the meantime if you dont like the bill (and who would?!!!?), call the White House 202-456-1414 and leave a message or goto http://www.whitehouse.gov/contact/ and email the President from there.