$$$_Dirty Bastard Republiken GoPPigs Plan to DESTROY 400 years of Bankruptcy Protection to Pay Off Their Big Bank Donor$$$
Yahoo! News - GOP Resolute on Bankruptcy Bill
WASHINGTON — Republican senators continued their steady drive toward passing more stringent bankruptcy legislation Wednesday, knocking down a series of Democrat-sponsored amendments to exempt seniors and those facing medical hardship from some of its provisions. The bill, expected to pass the Senate next week, would impose new hurdles on those seeking to erase their debts through bankruptcy in an effort to force more Americans to pay back more of what they owe.
The measure has been a longtime priority for banks and credit card companies. They argue that the costs of the country's increased number of personal bankruptcies gets passed on to credit-worthy consumers in the form of fees and higher interest rates.
During Senate debate this week, Democrats have proposed a series of amendments they say are necessary to protect lower-income consumers, especially the sick and elderly and those who fall victim to fraud or aggressive marketing by credit companies.
But in largely party-line votes, Republicans have defeated the proposed changes, arguing that the bill's main provisions are not punitive. Also, House GOP leaders have said their chamber would not pass a bill containing the Democratic amendments.
On Wednesday, five of the amendments were voted down.
"The only way we are going to change bankruptcy is by passing this bill. And the only way to pass this bill is to pass it without any amendments," said Sen. Orrin G. Hatch (news, bio, voting record) (R-Utah).
WASHINGTON — Republican senators continued their steady drive toward passing more stringent bankruptcy legislation Wednesday, knocking down a series of Democrat-sponsored amendments to exempt seniors and those facing medical hardship from some of its provisions. The bill, expected to pass the Senate next week, would impose new hurdles on those seeking to erase their debts through bankruptcy in an effort to force more Americans to pay back more of what they owe.
The measure has been a longtime priority for banks and credit card companies. They argue that the costs of the country's increased number of personal bankruptcies gets passed on to credit-worthy consumers in the form of fees and higher interest rates.
During Senate debate this week, Democrats have proposed a series of amendments they say are necessary to protect lower-income consumers, especially the sick and elderly and those who fall victim to fraud or aggressive marketing by credit companies.
But in largely party-line votes, Republicans have defeated the proposed changes, arguing that the bill's main provisions are not punitive. Also, House GOP leaders have said their chamber would not pass a bill containing the Democratic amendments.
On Wednesday, five of the amendments were voted down.
"The only way we are going to change bankruptcy is by passing this bill. And the only way to pass this bill is to pass it without any amendments," said Sen. Orrin G. Hatch (news, bio, voting record) (R-Utah).
posted by A. J. Franklin @ 09:08
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