Digesting the Bailout Baloney
Inside five bizarre provisions in the bailout bill.
Vroom! Raceway benefit: Section 317: "Seven-year cost recovery period for motorsports racing track facility."
What does it do? "Extends a special seven year cost recovery period on property used for land improvement and support facilities at motorsports entertainment complexes."
Who put it in? Probably Sen. Chuck Schumer, D-N.Y. He introduced legislation in February 2007 to make this provision permanent. Sen. Pat Roberts, R-Kan. had also introduced similar legislation, but he voted against Wednesday's Senate bill. Schumer's office hadn't returned a call from The Big Money seeking comment by Thursday night.
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Line Item Veto
This seems like the penultimate argument for giving presidents a line item veto.