The Financial Bailout Fiasco

“This is one of the most expensive pieces of legislation Congress has ever approved," McConnell, the Senate Republican Leader, said Friday on the Senate floor. "Including interest, as I’ve said, it’s expected to cost $1.1 trillion."

Chart Breakdown of the $787 Billion Stimulus Package Bailout

On February 13, 2009 at 2:24 pm the Conference Report was voted on and passed as Roll Call Vote 70 by the House with 246 Yeas and 183 Nays. The vote was largely along party lines with the Yea vote consisting of 246 Democrats and 0 Republicans while the Nay vote consisted of 7 Democrats and 176 Republicans. At 10:48 pm the Senate passed it with 60 Yeas and 38 Nays, largely along party lines.

Based largely on proposals made by President Barack Obama, the American Recovery and Reinvestment Act is intended to provide a stimulus to the U.S. economy in the wake of the economic downturn brought about by the subprime mortgage crisis and the resulting credit crunch.

The bill includes federal tax cuts, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. The proposed government action is much larger than the Economic Stimulus Act of 2008, which consisted primarily of tax rebate checks.

Also See:
Congressional Budget Office Letter to Speaker Nancy Pelosi
http://www.cbo.gov/ftpdocs/99xx/doc9989/hr1conference.pdf