Pork Barrel Politics Pave Way For Passage of Bailout Plan

The problem: You desperately need to pass a $700 billion bailout package to save Wall Street Fat-Cats because “people in the know” told you that without it, financial Armageddon would be imminent. The solution: Load the bill up with so much pork that the once three page proposal is now the length of a Hemmingway novel.

Which is exactly what the Senate did Wednesday night by a vote of 74-25, after the bill was struck dead in the House on Monday.

Looking to sweeten the deal for those nay voters in the lower chamber, Senators from both sides of the aisle came together to do what they do best: add absolutely unnecessary provisions into legislation that was absolutely necessary, according to some.

Not only does the 450-page bill contain tax breaks for small businesses and individuals, an increase in the maximum amount the FDIC will insure for depositors and increased Congressional oversight, but also includes the absolutely absurd.

Section 325 provides tax breaks for the “wool research fund.” Section 503 contains a provision repealing a 39-cent excise tax on wooden arrows designed for children. Section 309, a tax credit for economic development in America … well, actually that’s America Samoa, not the United States of America. Other beneficiaries of the “rescue legislation” include Hollywood producers, Nascar track builders and Puerto Rico and Virgin Island rum-makers.

“This is how Washington works,'' said Keith Ashdown, chief investigator at Taxpayers for Common Sense, a Washington research group. “A big pot of pork is their recipe for final passage.''

Final passage in the House is exactly what Senators are hoping for when they take up the “new and improved” bill on Friday. However, the bill could still face stiff opposition from conservatives who think the market should be allowed to run its course. Moderate “blue dog” Democrats that typically demand fiscal discipline and oppose any measure that would swell the budget could also hold up the bill’s passage. Steny Hoyer (D-MD), the House majority leader said that he was concerned the bill contains tax cuts that are not offset by spending cuts or increased revenue.

Source FinanicalTimes.com:

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