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
http://www.rules.house.gov/110/text/hr2638cr_hamndsamnd.pdf
Saturday, September 27, 2008
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