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Monday, February 02, 2009

Senate GOP Plan: Not Much Better

Senate Republicans countered the Democrat Spending Bill with their own version and unfortunately, it is only very slightly better. The two biggest changes would be: 1) banks would refinance toxic mortgages and then sell them to Fannie and Freddie (read: taxpayers get screwed); and 2) a reduction in the bottom two income tax brackets (the only useful part of this $1 trillion bill).

What will probably happen is the Democrats will gladly accept the first, damaging suggestion and ignore the second suggestion. The worst of both worlds. Hooray for us.