Story Created:
Oct 2, 2008 at 5:38 PM EST
Story Updated:
Oct 2, 2008 at 7:28 PM EST
The Senate approved a 450 page rescue plan Wednesday night. Lawmakers added in hundreds of pages of items, they say "sweetened" the deal. So we wanted to know, what's in the new rescue plan?
All day we've been sorting through pages and found some unusual requests, that Democrat Senator Bill Nelson says could increase the cost of the bill to $850 billion dollars.
"They've added on $150 billion dollars of more spending, that's not paid for. It will have to be borrowed from the government of China," Senator Nelson said.
That money from China could go to a number of things, including:
- People who sued Exxon over the 1989 Valdez oil spill (Sec. 504-Page 301-line 20)
- $148 million dollars to wool research (Sec. 325 - Page 295- Line 7)
- $100 million dollars to improve auto race tracks across the country (317- Page 290, line 1)
- $ 192 million dollars in excise taxes to Puerto Rico and Virgin Island for rum (Section 308- Page 279-line 11)
Senator Nelson says the added spending was to get more lawmakers on board. "They're trying to get the votes in the House of Representatives . Remember they only need 22 votes," he said.
Even with the additional spending, Florida's Republican Senator Mel Martinez voted for the rescue plan saying, "it provides the tools necessary to rescue our financial system."
The House of Representatives will vote on the bill on Friday.
Congressman Connie Mack has been opposed to the bailout from the beginning and plans to vote against it. He issued this statement today: "When you peel away the layers, the Senate Bill is still a massive $700 billion bailout. It still gives the federal government an unprecedented and inappropriate amount of power. And it still quashes the free market in the name of political expediency.”
Congressman Tim Mahoney's office failed to return our calls for comment as of 5:30 PM, Thursday.
To read the entire text of the bill passed by the Senate click here.
Saturday, Oct 4 at 3:08 PM chief wrote ...
At least a couple senators got something for the people they work for . Mccain and Obama were falling all over their self to sign the rip off bill that send all the money to Wall Street. The people or Arizona and Illinos can borrow from the crooks in NY . AZ and IL part of the Bill they will have to pay back about $80 billion. I'm glad they don't represent my state.
Saturday, Oct 4 at 10:43 AM W wrote ...
>All right! Now, people in Valdez Alaska can afford to wear really warm super wool sweaters and drink lots of hot buttered rum while watching NASCAR at their newly built racetrack. Now that’s change I can believe in.< But you forgot to mention they will be able to do this while practicing archery with toy arrows
Friday, Oct 3 at 8:22 PM OneNation wrote ...
http://www.baldwin08.com/ Vote Third Party!
Friday, Oct 3 at 2:05 PM Dave wrote ...
Now, now. Let's not be too hasty on the wool research. I've interviewed a few sheep today and they are very happy with this development.
Friday, Oct 3 at 12:14 PM Nick wrote ...
Rise up and vote the corrupt politicians who voted for the bill OUT OF OFFICE! The bill does not address the problems that created this mess. Just an excuse to spend billions on programs politicians and lobbyist want.
Friday, Oct 3 at 10:29 AM Bob wrote ...
If you give every American citizen 1 million dollars ( note I said Citizen of the USA ) this would get the economy going and would save the goverment 500 billion out of the 850 billion that they are asking for its a no brainer
Friday, Oct 3 at 7:40 AM vic wrote ...
I CANNOT BELIEVE OUR REPRESENTATIVES WOULD ALLOW SUCH A BILL!! GET RID OF ALL THE GARBAGE!!WHO GIVES A DAMM ABOUT WOOL OR RUM! WHAT ABOUT THE PEOPLE OF AMERICA??? I THOUGHT THAT IS WAS IT WAS SUPPOSED TO BE ABOUT!LET WALL STREET FILE BANKRUPTCY LIKE THE REST OF US ARE GOING TO HAVE TO DO BECAUSE OF THE SPECIAL INTEREST GROUPS & GREEDY POLITICIANS!! BAIL OUT THE PEOPLE!!!!!!
Friday, Oct 3 at 7:14 AM Miss America wrote ...
So to pass the bill, the Senate has to find a way to Bribe the Congress, giving them some of their PORK!!!?? And soon will the people of America being given Bread and Circus?? What is going on here??? It is all about lies...
Friday, Oct 3 at 5:25 AM Mike wrote ...
Here we go again. Crooks bailing out crooks and padding the wallets of even MORE cronies. All this to "make credit more available", which is one of the reasons this whole debacle came about in the first place. If it wasn't so tragic, it would be laughable, especially since what is needed is to limit credit to those who can truly afford it - which, sadly, is rapidly turning out to be all the crooks and their cronies.
Friday, Oct 3 at 2:13 AM DW wrote ...
Here we go turning into a third world country and with this "bailout" is letting the government tell us what is good for us and don't worry about the details well it will be the little guy who barely make enough to keep the roof over their family's head and food on the table. It is an outrage that Mr. CEO of what ever company can send his kids to boarding school and to college with no worries. where the little guy can only wish he could afford to send the kids to college but he can't afford it.
Thursday, Oct 2 at 6:32 PM Ray Cameron wrote ...
It is completely incomprehensible to me that any senator would vote for this bill the way that it is written. It gives new meaning to the term "pork Barrel". I would hope that the American people react to it in this and any subsequent election, and dislodge the porkers from office
Thursday, Oct 2 at 6:32 PM Me again, of course. wrote ...
All right! Now, people in Valdez Alaska can afford to wear really warm super wool sweaters and drink lots of hot buttered rum while watching NASCAR at their newly built racetrack. Now that’s change I can believe in.
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