Dear Friend,
Members of the House of Representatives did the right thing on September 29th when they voted down the Emergency Economic Stabilization Act of 2008. That bill was a sham of a compromise that handed the Bush Administration all kinds of victories. Now it's time for a new bill, and a better bill.
Unfortunately, the Senate just passed a slightly modified version of that same bill. Since only a third of them are up for reelection this year, they have the political cover to hand the Bush Administration a blank check and wash their hands of it. By passing this near-clone of the bill the House defeated on Monday, the Senate is taking a strong stand for the Bush Administration and daring the House to vote down the bill and look like petty contrarians for doing so.
But there is another option: the No Bailout Act. Reps. Peter DeFazio, Donna Edwards and Marcy Kaptur, among others, have proposed this bill as a progressive alternative to the Paulson plan. The bill isn't perfect, but it's better than what we've seen so far. The House deserves a chance to vote on it.
I just signed a petition telling Rep. DeFazio that I support his fight for a progressive alternative to the Bush Bailout -- I hope you will too.
Please have a look and take action.
http://act.credoaction.com/campaign/better_bailout/?r_by=1014-1750217-Z5ljldx&rc=paste
Thanks!
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Thursday, October 2, 2008
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