Senate clears path for $350 billion bailout bill

Marketwatch ^ | 1/15/2009 | Ronald D. Orol

[markomalley]

WASHINGTON (MarketWatch) -- The U.S. Senate removed a key obstacle Thursday to passage of the second half of a $700 billion bank-bailout bill after the House of Representatives approved a measure that would impose conditions on the funds

"We are in uncharted waters when it comes to these issues," said Senate Banking Committee Chairman Christopher Dodd, D-Conn., shortly before the vote, pleading to other lawmakers that they approve the release of the funds. "But to sit and do nothing is not an option."

Senators voted 52-42 largely along party lines to oppose a measure known as a resolution of disapproval introduced by Sen. David Vitter, R-La., that would have blocked release of $350 billion in bank bailout money. President-elect Barack Obama made a request for the funds on Monday. In a statement, Obama praised the Senate for the move, which he says gives him "the authority to implement the rest of the financial rescue plan in a new and responsible way." Before the bill was rejected, Democrats and Republicans clashed over whether the funds should be allocated.

"The American people had serious questions and concerns the first time around," said Vitter. "The second time, they will go through the roof and say, 'Fool me once shame on you; fool me twice, shame on me.' "

In addition to Vitter, a number of Republicans backed the veto, including Sens. Jim Inhofe, R-Okla., and Jeff Sessions, R-Ala.

A group of House Republicans have launched a similar measure, which may be considered next week.

Sen. Jon Kyl of Arizona was one of the few Republicans to oppose the measure. "We cannot take a chance that we don't have the financial ability to deal with additional crises as they develop," Kyl said.

[markomalley]

$350B here...$850B there...

I think I'm going to need to start selling printing presses for the money they're going to have to print to pay for this.