Today in Washington D. C. - Sept 29, 2008

Update - Breaking News (2:10 pm) - House fails to pass economic stabilization bill.
The Senate will resume consideration of the House message to accompany the Amtrak bill (H.R. 2095). The House is currently debating the economic rescue plan, now titled the Emergency Economic Stabilization Act, and will vote on it this afternoon. The Senate could vote on as early as this evening. On Saturday, the Senate voted 78-12 to pass a continuing resolution (H.R. 2638) to fund the government through March 6, 2009 and fund Defense, Homeland Security and Military Construction and Veterans affairs for fiscal year 2009, which begins Wednesday.

The Senate also cleared by voice vote the fiscal 2009 Defense authorization bill (S. 3001) for the president’s signature. Senate Majority Leader Harry Reid has indicated he still wants to pass the Amtrak bill and a bill implementing the U.S.-India nuclear agreement (H.R. 7081), which the House passed on Saturday, before the end of this Congress.

The House will be voting on the economic stabilization bill. The House still needs to pass the tax extenders bill (H.R. 6049), which the Senate sent over this morning.

From Senate & News Sources: After a long weekend of negotiations, Democrats and Republicans were able to hammer out an agreement on an economic stabilization bill. Many Republican senators have expressed their frustration with the situation Americans find themselves in and that Congress is in as it considers this plan. There are many people who have concerns about this course of action, yet, as The Wall Street Journal writes today, the plan “deserves to pass because in reality it is an attempt to shield middle America from further harm caused by the mistakes of Wall Street and Washington. . . . the current seizure in the credit markets is real and will do far more harm if not repaired soon” and goes on to say, “We agree with those who say there are better ways to provide this public capital, but Treasury Secretary Hank Paulson’s plan should do some good, and if executed properly shouldn’t cost taxpayers anything close to its $700 billion showroom price.”

The Examiner also reluctantly endorses the stabilization bill, writing, “Failing to enact the bailout risks a major plunge in the stock market, more bank failures and undermining future economic growth.” Former Speaker of the House Newt Gingrich, appearing on ABC’s “This Week,” also said he would probably reluctantly vote for the bill were he still in Congress.

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