Wednesday, October 1, 2008

Senate votes on bailout "Economic Stabilization" today

Other than the Obama/McCain endorsed increase in FDIC insurance and a few cleverly tacked on bits to allow the Senate to pretend not to be originating a revenue bill and make it more palatable to the House GOP, the essence is unchanged for the bill that failed in the House. Apparently they're using a mental health bill that passed the House years ago, but was never acted on by the Senate as the workaround vehicle. They're also adding in a few popular tax cut extensions that had already passed the Senate but had problems in the House with Blue Dog Democrats... supposedly this might cost Pelosi those Blue Dogs, but it will gain enough GOPers to pass in the House. Heard that one before, but hey.

It'll also need 60 to pass in the Senate, but they're optimistic... guessing they'll still wait until markets close this time to actually vote. Obama, Biden, and McCain will all be in DC to vote for it.