Altoona, PA - Blair County Pennsylvania Links

Priority Mortgage Group weis

Altoona :: Home :: News

News » Local News

PA Senators Support Bailout Bill

10/02/2008 8:43 am
Comments: 0 (View)


Pennsylvania's two senators joined a majority of their colleagues in voting to pass a $700 billion plan aimed at rescuing the ailing financial industry.

Sens. Arlen Specter, a Republican, and Bob Casey, a Democrat, say they feared dire economic consequences if the bill wasn't passed.

Specter says he recognizes that the legislation is politically unpopular, but not voting for it risks what he calls "a very, very substantial economic downturn, which would affect many if not most Americans."

Casey says he wants businesses to be able to get the credit they need to keep the economy rolling. He also says he's concerned about the thousands of Pennsylvanians who are unemployed.

The legislation is designed to allow the government to buy bad mortgages and other devalued assets held by troubled banks and financial institutions.

It's next headed to the House, which rejected similar legislation Monday. The Senate legislation has some changes, such as $100 billion in tax breaks for businesses and the middle class.

© Copyright 2004-2008 by WRTA.com

 

Source: StateCollege.com

Copyright © 2008 StateCollege.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments: (0)

You must be logged in to post comments. - Login | Register (free!)