HR1424 – House Passes Bailout Bill
It has just come to our attention that the House of Representatives has passed the HR 1424. With a 263 vote in favor of the bill it was finally passed in the house of representatives after being laden with other measures that the House really wanted to pass.
The plan was initially shot down in the house of representatives by a slim margin. The senate than took another look and added it to the HR1424 with some enticing bills. They then sent it back to the house to vote on today.
The bill went swiftly to the President and he signed it into a bill.
There will be some people who will see benefits in the form of tax breaks but the overall effect on the markets will take time. Many supporters of this bill are hoping that this will promptly restart the economy and prevent a possible recession. Some against the bill are warning about the long term after effects. As of right now there is no telling how this will effect the country in the long run.
Tax breaks were loaded into this bill to get it to be passed through the House of representatives. Who is going to pay for this?
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