Senate Vote on the Bailout Plan - again…
“I am talking with my House colleagues about the Senate action and how to best proceed taking that into consideration in determining what action in the House will be most successful,” said House Majority Leader Steny Hoyer, D-Maryland. The bailout package, a collaboration of Treasury Secretary Henry Paulson and leaders from both parties, was rejected by the House in a 228-205 vote Monday.
The Senate will take up the bailout package tomorrow, aides in both parties’ leadership offices tell Crypter Marty Kady. The House, which rejected the original plan on Monday, was likely to vote on Friday, a senior aide said.
The higher FDIC cap was just one of many additions the Senate made to the House version of the bill in a transparent attempt to switch at least 12 “no” votes in the House. Dropped in were $100 billion in tax breaks for businesses and the middle class, including mechanisms to keep the alternative minimum tax from hitting 20 million middle-income Americans and to provide $8 billion in tax relief for those hit by natural disasters in the Midwest, Texas and Louisiana.
McConnell endorsed Reid”s unusual power play against House Speaker Nancy Pelosi, D-Calif., and Majority Leader Steny Hoyer, D-Md., saying, “I think a good vote coming out of the Senate will certainly be helpful over on the House side.”
Senate Majority Leader Harry Reid speaks to reporters in the Capitol after a vote on the economic rescue package.
Credit markets showed little sign of movement of Wednesday - as the U.S. Tax legislation will be attached to the Senate financial rescue package, which will be considered just two days after the House rejected a bailout bill, causing markets to plunge.
White House spokesman Tony Fratto said the administration welcomes the “modified bill” and the scheduled vote. Bair did not say what she thinks the new limit should be.
NEW YORK - The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening - two days after the House failed to pass it.
Agreements are in place for a voting procedure and the vote itself is expected sometime after sundown, to respect the Jewish holiday, both leaders’ offices said.
The Senate can circumvent the the rules by taking up a pending House bill, stripping it and putting in place substitute language. UPDATE II: House Republicans are saying the Senate vote tomorrow is the work of bicameral, bipartisan negotiations.
The Senate will vote on the economic rescue plan tomorrow night after a series of stacked votes starting at 7:30.
