“This sends a positive signal that we stand ready to protect the U.S. economy by making sure that Americans have access to the credit that is needed to create jobs and keep businesses going,” Paulson said in a statement. “I urge the House to act promptly to pass this bill.”
A few of the key additions which added more than $100 billion to the proposed plan included:
- Temporarily raising the current FDIC insurance limits for bank deposits from $100k to $250k.
- Adding an additional $100 billion worth of tax breaks for small business and middle-class individuals, which include mechanisms to help keep the alternative minimum tax (AMT) from hitting 20 million middle-class citizens.
- An additional $8 billion in tax relief for those affected by the recent hurricanes as well as natural disasters across the Midwest.
Due to the fact that there's rumored to be no spending cuts to offset these additional tax breaks could likely raise some concerns with more than a couple Democratic members of the House, I'm sure.
Click here to see how your senator voted
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