How much can you hide in a 1,434 page conference report? Quite a lot. According to Bloomberg, Congressional leaders managed to squeeze in a tax break of ‘up to $10 billion’ that General Motors has been looking for:
GM won a provision that will erase a tax liability of up to $10 billion that would have resulted from restructuring efforts, said Senator Debbie Stabenow, a Michigan Democrat.
The bill also includes $8 billion for Harry Reid’s re-election effort a MagLev train from Southern California to Las Vegas:
In late-stage talks, Obama and Senate Majority Leader Harry Reid, D-Nev., pressed for $8 billion to construct high-speed rail lines, quadrupling the amount in the bill that passed the Senate on Tuesday.
Reid’s office issued a statement noting that a proposed Los Angeles-to-Las Vegas rail might get a big chunk of the money.
The Los Angeles-to-Las Vegas maglev is competing with a privtely-funded diesel/electric train — one that Reid won’t be able to take credit for, and which won’t go all the way to Hollywood. If Harry Reid is going to stand a chance of getting re-elected, he’ll need to be able to point to plenty of concrete and steel with his name on the outside and your tax dollars on the inside.
Michelle Malkin got her hands on a copy of the final package and put it online. Another version of this agreement — which was ‘completed’ yesterday — will be available after 3:00pm. How much more will be added in that version? How many more versions will arrive before the vote? And most importantly, will the final version come before Congress approves it, or after?