We're bailing out WHAT?

[unixronin]

From danjite:

The latest version of the "Bailout Bill" creates tax credits or benefits for:

- Film and Television Productions (Sec. 502)

- Wooden Arrows designed for use by children (Sec. 503)

- 6 page package of earmarks for litigants in the 1989 Exxon Valdez incident, Alaska (Sec. 504)

- Virgin Island and Puerto Rican Rum (Section 308)

- Auto Racing Tracks (317)

- Wool Research (Sec. 325)

I ain't saying nothing.

WHISKEY TANGO FOXTROT, OVER

This "bailout" gets more surreal by the day.  Did someone put LSD in the Congressional coffee pot?

Comments

[http://users.livejournal.com/crossfire_/]

Alas, that link barks 403 at me. Is there an article elsewhere that's the source?

[mazianni.livejournal.com]

http://www.opencongress.org/bill/110-h1424/show

There's a link there that goes to the full text of the bill.

If you drill through enough links you get to here (http://banking.senate.gov/public/index.cfm?Fuseaction=Articles.Detail&Article_id=76b1aea4-39b8-404f-b3cd-f8b6c46e3b14&Month=10&Year=2008).

The pdf version of the bill is 451 pages long.

Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.

SEC. 325. EXTENSION AND MODIFICATION OF DUTY SUSPENSION ON WOOL PRODUCTS; WOOL RESEARCH FUND; WOOL DUTY REFUNDS.

(a) EXTENSION OF TEMPORARY DUTY REDUCTIONS.—
Each of the following headings of the Harmonized Tariff Schedule of the United States is amended by striking the date in the effective period column and inserting ‘‘12/31/2014’’:

(1) Heading 9902.51.11 (relating to fabrics of worsted wool).
(2) Heading 9902.51.13 (relating to yarn of combed wool).
(3) Heading 9902.51.14 (relating to wool fiber, waste, garnetted stock, combed wool, or wool top).
(4) Heading 9902.51.15 (relating to fabrics of combed wool).
(5) Heading 9902.51.16 (relating to fabrics of combed wool).

(b) EXTENSION OF DUTY REFUNDS AND WOOL RESEARCH TRUST FUND.
(1) IN GENERAL.—Section 4002(c) of the Wool Suit and Textile Trade Extension Act of 2004 (Public Law 108–429; 118 Stat. 2603) is amended-
(A) in paragraph (3)(C), by striking ‘‘2010’’ and inserting ‘‘2015’’; and
(B) in paragraph (6)(A), by striking‘‘through 2009’’ and inserting ‘‘through 2014’’.

(2) SUNSET.—Section 506(f) of the Trade and Development Act of 2000 (Public 106–200; 114 Stat. 303 (7 U.S.C. 7101 note)) is amended by striking ‘‘2010’’ and inserting ‘‘2015’’.

[http://users.livejournal.com/crossfire_/]

Thanks.

That's strange...they basically made an omnibus budget bill.

But I think it's important to note that only Division A (which ends at section 302) is the actual Emergency Economic Stabilization Act. Everything else in the bill is separate from the Stablization Act. It's all in the same bill, so a vote for one is a vote for all, but the things outside of Division A are not a part of the Stabilization Act.

Not how I would have chosen to do it...I mean, you'd think they'd do the Economic Stabilization Act in a bill by itself, if for no other reason than to avoid causing the confusion we're seeing here. That said, this is a fairly common procedural shortcut.

[unixronin.livejournal.com]

Yeah, they attach stuff as riders that they don't think would pass on its own.... and collect stuff into massive bills that nobody will ever read in full before voting. :p