This is a follow up to the Govt Bail-Out Blog sent out yesterday.  Things change so quickly it is impossible to keep up.  This is an attempt to bring you up to date on what the US Senate did last evening.  

The US Senate passed a bailout bill which the Congress is to vote on today or tomorrow.  The senate passed H.R. 1424 as the vehicle for the economic rescue legislation.  The Senate amended H.R. 1424 to include the provisions of the bailout bill which as amended is 451 pages in length.  The first 113 pages deals with the bailout and the remaining part of the bill deals with many other provisions.  Word has it, this bailout provision was added to this bill in order to "sweeten" it with other provisions in H.R. 1425 to gain the votes necessary to pass.  Senator Feingold voted against the bill and Senator Kohl voted for passage of the bill. 

If you are interested in reading the bill for yourself, the link to the bill is as follows;   http://banking.senate.gov/public/_files/latestversionAYO08C32_xml.pdf  
If you want to see the entire senate vote of 74-12, here is the link to the vote: http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00213  

 I found so many items in the bill that are obnoxious & frustrating, but want to mention some to you. Page 68 increases the statutory limit on the public debt to $11,315,000,000,000.  I called Congressman Petri's office and they verified for me that this was raising the National Debt limit by $700 billion which is the price of this bailout package.  We have all read and heard that the FDIC insurance amount was going to be raised from $100,000 to $250,000.  This is in the bill on page 91, but you need to understand this is only temporary and expires December 31, 2009.  This was the first awareness of the temporary status of this provision I have seen.  One completely unrelated item as far as the bailout is found on page 300 of the bill.  It deals with EXEMPTION FROM EXCISE TAX FOR CERTAIN WOODEN ARROWS DESIGNED FOR USE BY CHILDREN.  While this may be an important item, what place does it have in the bailout legislation?  One finance journalist says the bill includes such earmarks as: $223 million for Alaska fishermen, $192 million for rum producers in Puerto Rico and the Virgin Islands, $128 million for auto racing and $6 million for producers of children's arrows.  These are only some of the earmarks which were added as "sweeteners" to get the votes needed.  Have you not heard the presidential candidates say they are opposed to earmarks and they will not be tolerated?  Incidentally, both McCain and Obama voted for passage of H.R. 1424.   All indication is Congress will probably pass this by a large majority since the senate already "sweetened" it and passed it 74-25.  Call your Congressman's office and voice your support or opposition to this bailout vote that is coming today or tomorrow.  Late word says if the votes are not there for passage, the vote could be delayed until Saturday or even Sunday.   

WISCONSIN US CONGRESSIONAL WASHINGTON OFFICE NUMBERS 

DIST 1 - CONGRESSMAN PAUL RYAN (R) - 202-225-3031 
DIST 2 - CONGRESSWOMAN TAMMY BALDWIN (D) - 202-225-2906
DIST 3 - CONGRESSMAN RON KIND - 202-225-5506                
DIST 4 - CONGRESSWOMAN GWENDOLYNNE MOORE (D) - 202-225-4572
DIST 5 - CONGRESSMAN JAMES SENSENBRENNER (R) -202-225-5101    
DIST 6 - CONGRESSMAN TOM PETRI (R) - 202-225-2476
DIST 7 - CONGRESSMAN DAVID OBEY (D) - 202-225-3365 
DIST 8 - CONGRESSMAN STEVE KAGEN (D) - 202-225-5665

By the way, the national debt today is $10,029,997,289,597.78.  The debt is increasing at the rate of $2.76 billion per day since September 28, 2007.  Today's population is estimated to be 304,835,787 which means that every man, woman and child in America owes $32,902.95 as their share of the national debt.  YOU have a right and obligation to have your voice heard as the government is increasing your debt each day with or without your input or concern.  These figures will soon be outdated because it changes so fast.  Here is the link to the website to check these figures for yourself; http://www.brillig.com/debt_clock/ 

My only question is this.... What do I need to do, or who's ear do I whisper in inorder to get a couple million for my special interests???