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Dodd: No More Changes to Bailout Bill
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10/01/08 11:39 AM ET
Senate Banking Committee Chairman Chris Dodd (D-Conn.) said Wednesday there will be no further changes to the $700 billion financial rescue plan being voted on later in the evening by the Senate, and that a successful House vote is the only possible next step.
Dodd said the legislation is too critical to go through any more "ping-pong-ing" between Congress's two chambers. Senate leaders have added an increase in Federal Deposit Insurance Corporation coverage of bank deposits, from $100,000 to $250,000, as well as extensions of popular tax credits and a freeze on the expansion of the Alternative Minimum Tax, all in an effort to coax more support from wavering House GOP members.
Dodd said Senate negotiators resisted the temptation to add more.
"I don't want this to go back and forth," Dodd said. "We can't start to shuttle this bill. This bill is what it was, with the addition of the tax extenders and the FDIC provisions. Other than that, it's the same bill. So the House is going to have to belly up and deal with this. Does that mean I wouldn't want to write it differently? There were several ideas that I would have added last night. But if I did I'm just opening up this process, and we can't go another four or five days, ping-ponging this bill back and forth to the satisfaction of everyone."
-J. Taylor Rushing
Dodd said the legislation is too critical to go through any more "ping-pong-ing" between Congress's two chambers. Senate leaders have added an increase in Federal Deposit Insurance Corporation coverage of bank deposits, from $100,000 to $250,000, as well as extensions of popular tax credits and a freeze on the expansion of the Alternative Minimum Tax, all in an effort to coax more support from wavering House GOP members.
Dodd said Senate negotiators resisted the temptation to add more.
"I don't want this to go back and forth," Dodd said. "We can't start to shuttle this bill. This bill is what it was, with the addition of the tax extenders and the FDIC provisions. Other than that, it's the same bill. So the House is going to have to belly up and deal with this. Does that mean I wouldn't want to write it differently? There were several ideas that I would have added last night. But if I did I'm just opening up this process, and we can't go another four or five days, ping-ponging this bill back and forth to the satisfaction of everyone."
-J. Taylor Rushing
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