Tell your Senators to vote, “NO!” on the Senate Bailout Bill (Updated)

UPDATE: Eric Odom just let us know about this Twitter stream, which is scanning today’s Senate Bailout Bill for Porkbarrel Spending - and finding lots of it. Examples:

…pages of natural disaster relief. fine and dandy cause. but should anything but housing relief be in THIS bill?

…budget for mine reclamation fund gets an additional $9,000,000 in 2010

…an amount equal to the annual average of 25 percent of all amounts received for the applicable fiscal …blah blah blah. FOREST RECEIPTS?

Also see: Blue Collar Muse - Congress and the Bailout’s Frankenstein Fix

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ORIGINAL POST: Remember that bailout bill that was soundly defeated in the U.S. House on Monday, thanks to all of us calling our representatives? Well, it’s time to call your senators.

ABC News is reporting that Senators McCain, Obama, and Biden will all be leaving the campaign trail long enough to go back to Washington D.C. and vote for the bill.

Phil Kerpen, of Americans for Prosperity has an interesting suggestion for “Rescuing the Rescue Plan,” here:

“…A Treasury facility could be set up to operate exactly as suggested by the original Paulson plan. As such, it would buy troubled assets to provide markets liquidity and serve a price-discovery function. However, instead of funding the facility by selling Treasury bills that would impose a debt on future taxpayers, some or all of the fund could be constructed of capital that is voluntarily committed by private entities.

And here’s the tax-cut sweetener: All funds invested in the facility for a five-year holding-period would be tax-free, exempt from the capital-gains tax, the corporate tax, the death tax, the repatriation tax, and any other tax that would otherwise apply….(more)”

Here is a copy of the Senate Bill: Click image to the right.

Hat-tip, Michelle Malkin, and the Senate Conservatives Fund