Saturday, September 27, 2008

Senate Passes Bill: $634 Billion in Funds

No, not THAT bill. Deliberations on the "Paulson Plan" are still going on. This is the bill making appropriations for the Department of Homeland Security (H.R. 2638). Some highlights:

---- $25 billion in loans to U.S. automobile manufacturers

---- $488 billion for the Department of Defense

---- $23 billion for hurricane assistance, elderly assistance and home heating subsidies

About the loans for the auto manufacturers: It is Section 129 of the bill. Of the $25 billion, it authorizes $10,000,000 for the administration of the loan program. The loans are subsidized by the Federal Government, meaning the loans will carry an interest rate that would be substantially lower than the interest rate the financial markets would charge the auto companies (assuming they could borrow in the first place). An Associated Press article estimates that the subsidy will cost the taxpayer $7.5 billion.

Biden did not vote

Obama did not vote

McCain did not vote

Clinton did not vote

Of course, both NJ Senators voted yea

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