Thursday, October 2, 2008

Vitter, Landrieu vote against bailout

The Senate upped the pressure on the House to pass a $700 billion rescue for Wall Street on Wednesday by overwhelmingly approving a plan designed to avert a potential economic disaster.

Both Louisiana's senators voted against the $700 billion Wall Street bailout bill Wednesday, as it cleared the Senate 74-25.

The Senate's main change to the plan the House rejected is an increase in the amount of bank deposits that would be insured by the government, from $100,000 to

The rescue package also added a number of tax breaks for natural disaster victims and renewable energy incentives. It also would extended tax breaks for businesses and provide alternative minimum tax relief to keep that tax from hitting an estimated 22 million taxpayers.

The bill also offers a series of tax breaks for victims of Hurricane Ike, including a low-income housing credit for Calcasieu and Cameron parishes.

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