Extra pork added to bailout. Please Bend Over!

[mrburns918]

This is about as ballsy as the AIG CEO's latest $400K vacation.

http://www.timesonline.co.uk/tol/news/world/us_and_americas/article4870770.ece

Tim Reid in Washington

The fate of America's $700 billion financial rescue package, and the health of the global economy, may hinge on a 39-cent tax break for an Oregon firm that makes children's wooden arrows — although, if today's vote is close, the Alaskan fishermen who were affected by the 1989 Exxon Valdez disaster, and who stand to gain $223 million in tax breaks if the Bill passes, might also end up playing a pivotal role.

As the White House and leaders from both parties conducted a final push to convert enough rebels to salvage the rescue plan from its stunning defeat in the House on Monday, an array of "pork barrel" projects have been inserted to soften up waverers.

They are aimed at peeling away a handful of naysayers with the promise that if they vote yes this time their pet projects will see the light of day. More importantly, the sweeteners are intended to gain the support of ordinary Americans on Main Street who see the Bill as a bailout of Wall Street.

It is an extraordinary sub-plot in the scramble to save the US financial sector from collapse. Inserted into the modified Bill by two Oregon senators on Wednesday night was a provision repealing a 39-cent excise tax on children's wooden arrows, which would save Rose City Archery, a company in Myrtle Point, Oregon, that makes the toys. Three House members from the state voted against the Bill on Monday, but the new clause could change their minds.
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Also in the revised Bill is $128 million of tax relief for the manufacturers of car racing tracks, aimed at congressmen in Nascar states, such as Virginia and North Carolina. A provision to give $10 million in tax breaks to small television and film producers could convert a congressman from Los Angeles. The help for Alaskan fishermen is aimed at swaying Don Young, a Republican from the state.

Republican and Democratic leaders were cautiously optimistic that the amended Bill would pass the House, as it is stuffed with more than $100 billion worth of tax cuts to attract Republicans. Perhaps more importantly, it heads for a re-vote amid a growing realisation among voters and congressmen that the plan is not simply a Wall Street bailout but is urgently needed to avoid a disintegration of the US economy.

Yet after Monday's calamitous defeat, and with still staunch opposition to the Bill by many conservative Republicans and liberal Democrats, the leaders remained deeply wary of saying that they had enough votes. Last night there was even talk of delaying it before they could be sure they had the support to pass it.

The revised Bill, which started life nearly two weeks ago as a three-page proposal from Henry Paulson, the Treasury Secretary, now stretches to more than 450 pages. It arrives in the House with renewed momentum after a huge bipartisan majority passed it in the Senate by 74 to 25 on Wednesday.

The modified plan not only contains big tax-cut provisions, but also an increase of insurance for deposit accounts from $100,000 to $250,000. It is aimed primarily at attracting enough of the 133 Republicans who rejected the Bill on Monday to change course. Another provision aimed at the Democratic African-American caucus — most of whom voted against the plan on Monday — was also inserted: a property tax deduction that they have been demanding.

Just 12 congressmen need to reverse their positions to overcome the plan's 228 to 205 defeat on Monday, which triggered the Dow's biggest one-day points drop in history, wiping out $1.2 trillion in the value of shares — a chastening plunge for some members who rejected the plan.

Yet the revised Bill also risks pushing away fiscally conservative "Blue Dog" Democrats who object to tax cuts that are not paid for elsewhere. Steny Hoyer, the centrist Democratic House Majority Leader, said he was angry about the tax provisions, but called on the Blue Dogs to see the bigger picture of the US economy and back the Bill.

Roy Blunt, the Republican whip, said that a fundamental change from Monday was the number of constituents now calling Congress demanding that the Bill be passed.

Yet nerves will be jangling when the vote begins today.

John Shadegg, an influential Arizona Republican who voted against the Bill on Monday, said that he found it materially better and was "inclined to hold my nose and vote 'yes' ".

But many conservatives remained opposed. Nancy Pelosi, the Democratic Speaker of the House, said that she and her whips were still working to see if any of the Democrats who voted yes on Monday have defected. "We're not going to take a Bill to the floor that doesn't have the votes," she said.

[cannon_fodder]

I have I mentioned how much I hate Congress?

+1 to anyone who votes no because of the pork.  Screw the economy.  It's not the guys voting no, it's the guys sticking all this crap in that shot it down.

Where's Dick Cheney with a shotgun when you need him?