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Posted: 6:30 AM Oct 1, 2008
Easy Passage of Bailout Expected.
The Senate expects to easily pass its version of a financial bailout plan later tonight.
Reporter: Associated Press Email Address: news@nbc11news.com |
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Washington (AP) The Senate expects to easily pass its version of a financial bailout plan later tonight.
Supporters hope a few changes in the form of tax cuts will also lead to passage in the house, after the original deal was voted down Monday.
But it'll also anger some conservative House Democrats, who feel tax cuts should be coupled with spending cuts.
The senate is trying to force the House's hand on the 700-billion-dollar measure.
Barack Obama, Joe Biden and John McCain will be in Washington Wednesday when the senate takes up the 700-billion-dollar proposal.
The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000. That's an idea that's been endorsed by both presidential nominees.
By also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum for a Wall Street rescue among House Republicans.

