New Bailout Proposal Gets “Thumbs Up” from Senate

The Senate passed a re-vamped version of the $700 billion bailout proposal last night. The next nut to crack, winning over the hearts and minds of at least 13 of the 228 House Democrats and Republicans who opposed the first version.

The new-and-improved bailout proposal includes “increasing the FDIC deposit insurance limit to $250,000 through Dec. 31, 2009, reiterating the authority of securities regulators to suspend asset-valuing rules and authorizing the government’s purchase of troubled assets with a $149 billion package of tax breaks. This would spare 24 million households from a $62 billion alternative minimum tax and extend $17 billion in benefits to companies that produce alternative energy,” Bloomberg reports.

One of the most unusual and certainly most interesting tax break includes $0.39 excise tax for children’s wooden practice arrows. That one’s a head-shaker.

The question remains, will the new additions be enough to woo even the most skeptical minds of the House of Representatives? We’ll have to wait until they vote tomorrow to find out.