Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 8, 1991 TAG: 9103080137
SECTION: BUSINESS PAGE: A-11 EDITION: METRO
SOURCE: Associated Press
DATELINE: WASHINGTON LENGTH: Short
The House will have to choose between a relatively simple bill providing the $30 billion and a version with several amendments. The "clean" bill was approved 36-13, the amended one 38-13.
The Resolution Trust Corp., has said that unless Congress approves more money quickly, it will have to postpone depositor bailouts, adding hundreds of millions of dollars to their eventual cost. The Bush administration has urged a bill free of amendments.
The difficulty in getting action on any bill demonstrates the political unpopularity of the bailout, which some officials estimate eventually will cost $500 billion.
"This is probably about as unpleasant a vote as any senator will have to cast this year," said Sen. Steven Symms, R-Idaho. "But there's no choice. We should hold our noses if that's what it takes and vote for the bill."
The original S&L legislation enacted in 1989 provided $50 billion to cover S&L losses. The administration has estimated that if Congress provides $30 billion this year, an additional $50 billion would be required next year, bringing the total to $130 billion.
by CNB