Well, it looks like this bankruptcy bill will almost certainly pass. In the interest of expedience, the majority in the Senate has decided to leave open massive loopholes for the obscenely wealthy while refraining from softening the impact on the working poor.
God bless 'em.
Hey, guys, why not vote yourselves another pay raise while you're in there?
..snip..
With Senate approval virtually assured after the bill cleared two key hurdles on Tuesday, backers on Wednesday rejected proposals to ease the impact of the legislation on families with children, young people below age 21 and people with below-median incomes.
They also turned thumbs down on a proposal by Massachusetts Democrat Sen. Edward Kennedy to close a loophole that benefits wealthier individuals in states with unlimited homestead exemptions, such as Texas and Florida.
"Millionaire deadbeats buy a huge mansion in Florida and Texas to shield their wealth from creditors. The harsh rules of bankruptcy being established by this bill will trap hard working middle class families, but the unlimited homestead exemption will allow rich debtors to escape," Kennedy argued.
His amendment would have capped the amount allowed for homestead exemptions at $300,000. It was rejected 47-53.
Senate backers of the bill said they were trying avoid amendments because House of Representatives leaders have pledged to act promptly if the Senate does not make major changes
That's nice, isn't it? They're not voting on amendments with consideration to the justice of the law they're passing, but just to move things along. Sure, it protects the rich and screws the poor, but what did you want them to do, argue all week about it? They have fundraisers to get to.
