Article 1, Section 7: All bills for raising revenue shall originate in the House of Representatives; but the Senate may propose or concur with amendments as on other Bills.
Our constitution makes it clear that bills for raising revenue must originate in the House of Representatives. The reason that they must originate in the House of Representatives is that the Constitution believes they are elected continuously every two years, and directly represent the people. No taxation without Representation. The States themselves originally appointed the senators, and even now do not as directly represent the people, not being elected every election cycle, and not being as approachable.
They are trying to pass this in the senate because they feel it will be easier, because not all the senators are up for re-election, and won't listen to the people as well. This will give it more momentum they feel.
The very reason they are trying to pass this in the Senate first is the exact reason why they are forbidden to by the Constitution. [B]Only the House of Representatives can pass pass bills for raising revenue. No taxation without Representation. This bill raises the debt ceiling and the amount of revenue to be collected another 700 billion dollars, the largest amount ever.
They'll trying to tack this onto a revenue bill from the House, but that bill also failed Monday, so its never gone to the Senate to be amended!
NEW YORK (CNNMoney.com) -- The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.
The bill adds new provisions - including raising the FDIC insurance cap to $250,000 from $100,000 - and will be attached to an existing revenue bill that the House also rejected Monday, according to several Democratic leadership aides.