Blog: The Fine Print / Open, Accountable Government

Senate Approves Bailout; Cost "Impossible" to Predict

Oct 2, 2008 by Craig Jennings

Last night, the Senate approved a financial rescue (or Wall Street bailout) bill, HR 1424, by a 74-25 vote. As we noted yesterday, the package includes not only a provision that grants the Treasury Secretary $700 billion to purchase troubled financial assets, but also a package of tax cuts passed previously by the Senate.

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Senate Attempts to Sweeten Bailout Bill

Oct 1, 2008 by Craig Jennings

If Monday's Wall Street bailout bill, which the House failed to pass, was, as House Minority Leader John A.

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Under the Radar: Congress Finishes FY 2009 Approps

Sep 30, 2008 by Adam Hughes*

With all the action recently on the financial sector bailout, it almost slipped our notice that Congress has finalized the FY 2009 appropriations process, at least through March 6 of next year. Last week, on Wednesday (Sept. 24), the House passed its package of three appropriations bills (Defense, Homeland Security, and Military Construction-VA), along with a continuing resolution (CR) that will cover all the other sections of the government until March 6, 2009. The vote was 370-58. The Senate passed the House proposal over the weekend on Saturday by a vote of 78-12.

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Next Move After House Fails to Pass Wall Street Bailout Uncertain

Sep 29, 2008 by Craig Jennings

Congressional leaders were left scratching their heads, contemplating what to do next after the House failed, by a vote of 205-228 to approve a $700 billion plan to buy up troubled financial assets that are purportedly threatening the financial markets.

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Updated Wall Street Bailout Plan Details

Sep 29, 2008 by Craig Jennings

This post is an updated version of our previous post on a summary of the $700 billion Wall Street bailout plan that the House rejected (205-228) this afternoon.

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Bailout Agreement Reached

Sep 28, 2008 by Craig Jennings

Media reports and a press release from House Speaker Nancy Pelosi (D-CA) indicate that Congressional leaders and the White House have agreed to a package of measures designed to prevent a financial market meltdown. An official announcement of agreement is expected tonight, and final details of the plan remain unsettled. Here are the package's main provisions:

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Special IG for Bailout Plan is a Great Idea

Sep 25, 2008 by Adam Hughes*

Senate Finance Committee Chairman Max Baucus (D-MT) has released a statement calling for a special Inspector General to oversee whatever program is put in place at the Treasury Department to bailout failing Wall Street banks and investment houses. Baucus's letter is signed by 32 other Senators and really makes a lot of sense, which is something we don't often say about Sen. Baucus's proposals. So hats off to Baucus! Let's hope this proposals is integrated into the final plan being developed.

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Bush Administration Bailout Plan Short on Planning

Sep 25, 2008 by Craig Jennings

Congressional Budget Office (CBO) director Peter Orszag testifying before House Budget Committee on Wednesday:

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Congress is a Blur of Activity

Sep 24, 2008 by Adam Hughes*

As the clock winds down on the 110th Congress, legislators are working at a furious pace this week, vetting financial bailout proposals, passing tax and spending legislation, holding oversight hearings, etc. All the things that Congress is supposed to do on a regular basis. It's just quite shocking to see them actually doing it. So, here's a quick rundown on where things stand. Senate

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