Senate Bailout Bill Unconstitutional
That means the $700 billion revenue raising bailout bill needs to originate in the House and that it's unconstitutional for the Senate to try and pass this bill before the House does.
This seems rather simple.
Of course the Senate is essentially taking up the House-version of the bill and making the $700 billion Paulson plan an amendment to, aptly enough, a mental health and addiction bill, H.R. 1424
Let me say that again. The Senate is making the $700 billion Paulson plan an amendment to a mental health and addiction bill. It's crazy and fitting on a few different levels.
The mental health and addiction bill, to be named after the late Sen. Paul Wellstone, is a doozy. Senators have already announced they're going to add earmarks to it for "wooden arrows for use by children," film and television production and handpicked tax protections for Virgin Island and Puerto Rican Rum, the American Samoa, Indian tribes, railroads and auto racing tracks.
Of course, no final bill text has been produced yet. So, no one is going to really have a chance to read this thing before the planned Senate vote this evening.
Typical.
Update: The bill text has just been posted. HERE It's 451 pages.