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Cost of Bailout Increases $140 billion   November 10th, 2008
Treasury department unilaterally rewrites tax code       


More observations...

As conservatives were concerned about, the cost of the financial bailout that was rammed through Congress at the end of September and beginning of October is most likely to cost far more than the budgeted $700 billion. It has now been noted that, under the broad authority granted to it, the Treasury Department has basically rewritten a part of the tax code in such a way that could cost the government (and benefit financial companies) to the tune of an additional $100-$140 billion.


As a conservative I'm certainly in favor of tax cuts and, usually, when the government gets less money, that's a good thing. But there's a right way and a wrong way to do things. Again we're seeing that this emergency financial legislation is being abused and the cost continues to increase. We also see that placing too much power in a single entity (U.S. Treasury in this case) is a bad idea, and the Treasury has basically usurped the power of Congress to legislate taxes.

The financial bailout package has essentially become a large slush fund that everyone wants a part of; and things like this $140 billion tax cut are costs that weren't even contemplated in the stated cost of the legislation.

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