Panel Rejects Bush’s Plan to Bail Out S
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WASHINGTON — House tax writers today rebuffed President Bush’s savings and loan bailout plan and approved an alternative that will add $50 billion to the federal deficit over the next three years.
On a 25-11 vote with two of 11 Republicans siding with all its Democrats, the House Ways and Means Committee rejected Bush’s proposal for a sale of 30-year bonds to be issued by a new quasi-government agency.
The committee approved an amendment by Rep. Sam Gibbons of Florida, the second-ranking Democrat on the committee, that would put the $50-billion immediate taxpayer share of the bailout’s costs in the fiscal 1989, 1990 and 1991 budgets.
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