The bill now goes up for vote by the Senate, where it is expected to pass with the support of the two "Republican" senators from Maine pushing it over the hump.
"We've done something today that's transformational for the nation," said House Speaker Nancy Pelosi, D-Calif., in a press conference after the vote.
House Appropriations Committee Chairman David Obey, D-Wisc., characterized the bill as "the largest change in domestic policy since the 1930s."
Does this talk of change and transformation scare anyone besides me? Personally, I like a free market system. I enjoy living in a Democracy. I don't want our country to transform into something else. I don't want this kind of domestic policy change. This kind of deficit spending is not healthy. In fact, this kind of deficit spending on the part of consumers is exactly why we are in this mess in the first place.
On top of the spendulus package that just passed, Obama is now considering a plan to subsidize the mortgages debt of homeowners facing foreclosure on their homes.
Details remain scarce, but at this point the subsidy plan entails having struggling homeowners take an affordability test and undergo a re-appraisal to see if they are eligible. The subsidy would allow servicers to adjust the loan terms without having the mortgage's investors take a loss, which should make them more open to the loan modification.
If the investors and mortgage holders aren't taking a loss, then who is? Taxpayers would take the loss. How is this fair to those who have been responsible about living within their means?
In my opinion, these policies are leading us perilously close to Socialism and/or Communism.