NEW YORK (CNNMoney.com) — The core of the Senate financial rescue bill is the Bush administration’s plan to buy troubled assets from banks, but the proposal includes a number of new provisions aimed at Main Street, according to a copy of the bill posted on a Senate Web site.
The add-ons are intended to attract more votes in the House, which defeated an earlier version of a bailout on Monday. In particular, they are designed to attract more House Republicans, two-thirds of whom rejected the House version of the bill.
The Senate is set to vote on the bill Wednesday evening. Because of the new measures, the bill’s initial price tag will be higher than the $700 billion that the Treasury would use to buy troubled assets. But over time, supporters say, taxpayers are likely to make back much if not all of the money the Treasury uses for the program because it will be investing in assets with underlying value.
http://money.cnn.com/2008/10/01/news/economy/senate_rescuebill2/index.htm
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