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The Future of the US Economy Rides on Parity

October 1, 2008
by Daniel Guarnera
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Did it fail because it was seen as a too focused on Wall Street at the expense of Main Street? If so, then the popular tax extenders (everyone's pro-disaster relief, pro-renewable energy, and pro-"patching" the Alternative Minimum Tax so it doesn't apply to middle class families) may help make the bailout more palatable for some members of Congress.

Did it fail because some members of Congress wanted to go on record with their displeasure about the bailout deal, but they ultimately recognize that it needs to be done? If that's the case, the second time might be the charm--the stock market's fall since Monday and dire predictions about more failing banks may reinforce the idea that even if the bailout is in some ways odious, it needs to be done. Having stood up to Wall Street with their first vote, some members of Congress might be ready to pass it and go home.

We'll see what happens ... if you have a message for your legislators, you can find their Washington office contact numbers here.

Also, check out the NY Times' editorial from today on parity (they say we're "within a whisker" of passage).

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Daniel Guarnera

Daniel Guarnera is the Director of Government Relations for NAADAC, The Association for...

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