What the Senate Bill Cut

Over at Daily Kos Meteor Blades has a list of what the Senate cut from the House bill.  

The cuts include many investments near and dear to NDN's heart, things we have fought hard for in recent months.  

As I wrote yesterday "reconciling" these two bills is not going to be easy, and will set a precedent for how the two chambers and the White House reconcile future legislation.  

Important to watch is what commitment emerges this week to keep people in their homes.  The Senate version of the bill has more money for fixing the AMT - which affects people in the upper end of the middle class - than is being floated for dealing with what may be the single most important act we can take to attack the financial crisis - stablizing the housing market.  Michael Moynihan has been making the case this week for a new USA Mortgage, a 4 percent 30 year mortgage for all Americans.   It is an idea that deserves serious consideration. 

Whatever happens this week, the leaders of our government cannot, for one moment, give the impression that the banks and those with means are getting the lion share of attention and bailout, leaving once again those struggling to get by to get what's left over.   This is the core of the politics the American people rejected last fall, and the core of the mandate the new President has been given. If President Obama is true to his arguments of this past week, and he believes the GOP has been peddling tired, failed and worn ideas, then he has an obligation not to allow too many of them in the final recovery bill and financial rescue plan that emerge this week.  Given where things seem to be heading this may be harder than the new President would have wanted.

Noon Update - Carla Marinucci of the SF Chronicle has an extensive analysis today of the moment's politics which features commentary from NDN.  It is well worth reading. 

Monday 8am Update - Paul Krugman offers a powerful critique of the Senate bill this morning, while one of its architects, Senator Specter, offers this defense.

Monday 1pm Update - Tom Edsall has a piece up on Huff Post right now which shows why the AMT "fix" is such a bad idea.