New Bailout Bill Undergoes Reality Check

By Dan Bewley and Terry Hood, The News On 6

UNDATED -- The new version of the bailout bill includes more than $100 billion of items that have nothing to do with rescuing the economy.

President Bush is calling the latest version of the bill better than the one that was voted down earlier this week.  A News On 6 Reality Check looks at some of the add-ons that are far removed from the economic crisis.

Most of the incentives deal with tax breaks, such as a child tax credit, relief for victims of natural disasters, and for research and development for renewable energy sources.

It also has several provisions targeting specific groups, like repealing a tax on wooden arrows for children, credit for mine rescue training, and tax breaks for small film and television production companies.

Supporters say the package is exactly what's needed to help the economy rebound; including a one year increase in the amount bank deposits are insured.

It also gives the U.S. Treasury Department the ability to buy troubled mortgage securities and raises the threshold at which Americans would pay higher taxes.

The additions are meant to persuade the more than 100 House Republicans who voted against the first version of the bill.

Supporters of the bill say many of the new incentives were going to pass in other pieces of legislation and it was important to get those items cleared before Congress adjourns for the year.