Digesting the Bailout Baloney

Digesting the Bailout Baloney

Inside five bizarre provisions in the bailout bill.

Posted Friday, October 3, 2008 - 11:23am

How much will it cost? $100 million over 10 years.

Woolly exemption: Section 325: "Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds."

What does it do? Extends a reduction in tariffs for certain kinds of imported wools (the delicious list includes "fabrics of worsted wool," "yarn of combed wool," and "garneted stock," among other types) until 2014 and puts the import duties collected on other wools into the Wool Trust Fund, "which promotes the competitiveness of American wool."

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Line Item Veto

This seems like the penultimate argument for giving presidents a line item veto.

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