credit crisis - The S Corporation Association

Congress Passes Bailout — Goes Home for Elections

The House reversed course today and voted to adopt the expanded Treasury bailout package by a vote of 263-171.

As S-Corp readers know, the Senate took the original Treasury plan, added the tax extender package, some hurricane relief, and a temporary boost in FDIC insurance levels, and passed the broader legislation 74-25 on Wednesday.

Fifty-seven members of the House switched from No to Yea today. The package is now law. The President signed it as soon as the bill traveled sixteen blocks up Pennsylvania Avenue.

So how will this impact S …

(Read More)

Congressional Overview

We are nearing the finish line for the 110^th Congress with more on the table than when we started nearly two years ago.

None of the 12 bills to fund the government have been adopted. Tax provisions that expired at the end of 2007 remain to be extended. And the collapse of the subprime mortgage market that began a year ago with the failure of several hedge funds has grown into a full fledged credit crisis that, according to the Administration, threatens to harm the entire economy.

It appears Congress will stay in through next week and will have to address the …

(Read More)