Local News
House girds for second try on rescue
WASHINGTON (AP) — House members are getting another chance to vote on a bill many would like to avoid: A massive financial rescue that has infuriated millions, but is being promoted as critically needed to stave off a deep recession.
This time, it comes back to the House loaded with billions of dollars worth of tax cuts and other sweeteners. They are meant to attract at least a dozen House members who voted against the measure Monday, when it failed, 228-205, triggering a record drop in the stock market.
Senators added the new items in a 74-25 vote late Wednesday, sending the rewritten package back to the House for a showdown vote expected Friday.
After the Senate vote, Majority Leader Harry Reid, D-Nev., said, “We’ve sent a clear message to Americans all over that we will not let this economy fail. This is not a piece of legislation for lower Manhattan. This is legislation for all America.”
The rescue package would let the government spend billions of dollars to buy bad mortgage-related securities and other devalued assets held by troubled financial institutions. If successful, advocates say, that would allow frozen credit to begin flowing again and prevent a serious recession.
To some degree, at least, House GOP opposition appeared to be easing as the Senate added $100 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.
House Republicans also welcomed a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.
The Senate-backed package extends several tax breaks popular with businesses. It would keep the alternative minimum tax from hitting 20 million middle-income Americans. And it would provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.
Leaders in both parties, as well as private economic chiefs almost everywhere, said Congress must quickly approve some version of the bailout measure to start loans flowing and stave off a potential national economic disaster.
Tax cuts new and old are favorites for most House Republicans. Help for rural schools was aimed mainly at lawmakers in the West, while disaster aid was a top priority for lawmakers from across the Midwest and South.
Another addition, to extend the deductibility of state and local taxes for people in states without income taxes, helps Florida and Texas, among others.
Increasing the deposit insurance cap was a bid to reassure individuals and small businesses that their money would be safe in the event their banks collapsed. It was particularly geared toward small banks that fear customers will pull their money and park it in larger institutions seen as less likely to fold.
The Senate vote lacked the drama of Monday’s House vote, but it had its celebrity moments. Democratic presidential nominee Barack Obama and his GOP rival, John McCain, came off the campaign trail to vote for the package, thrilling tourists who glimpsed them in the Capitol’s corridors and drawing hordes of reporters and photographers.
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Hannah’s House seeks helpers for court ordered, supervised visitations
WILLOW PARK — Did you know several tragedies involving children have prompted new Texas laws for increased safety and reduced trauma for children of divorced parents? Now more than ever, there is an increased demand for safe supervised visitations and conflict-free child exchange between divorced parents.
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2010 Hamfest set for March 27
WEATHERFORD — Sponsored by the Amateur Radio Club of Parker County, the 2010 Weatherford Hamfest is scheduled for 8 a.m. to 1 p.m. Saturday, March 27, at Couts United Methodist Church, 802 N. Elm St. in Weatherford.
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Roos baseball, softball rescheduled
Due to Tuesday's local weather, Weatherford High School baseball and softball games have been rescheduled.
- Weatherford College offices closed for Spring Break
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Chuckwagon Camp at Doss set for spring break
WEATHERFORD — For three days, children in the fifth grade through adults can learn about the challenges pioneers and cowboys had cooking on the trail.
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Library to offer Spring Break fun
WEATHERFORD — Spring Break 2010 is here and the Weatherford Public Library is offering a full schedule of children’s activities.
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Annual golf tourney set for April 1
WEATHERFORD — The Weatherford ISD Education Foundation will host its ninth annual Fools for Schools Golf Tournament Thursday, April 1 at Split Rail Links and Golf Club.
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WC raises tuition
Parker County residents who choose to attend Weatherford College this fall will pay $4 more per semester hour; the 6.6 percent increase to $65 per semester hour was approved by Weatherford College trustees in regular session Thursday.
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Weatherford College raises tuition rates
Parker County residents who choose to attend Weatherford College this fall will pay $4 more per semester hour; the 6.6 percent increase to $65 per semester hour was approved by Weatherford College trustees in regular session Thursday.
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Hannah’s House seeks helpers for court ordered, supervised visitations
