Senate Takes The Lead, Will Vote On Bailout Tomorrow
Looks like the candidates will be heading to Washington…
WASHINGTON  As the House of Representatives picks up the pieces of its defeated economic bailout bill, the Senate has scheduled a vote Wednesday evening on a deal that includes an increase in the federal deposit insurance limit.
The news of a Senate vote came Tuesday night after congressional leaders spent the day scrambling to find out what changes are needed to get the $700 billion rescue plan approved.
The House’s vote Monday defeating the bailout bill sent shockwaves through Wall Street and world markets. The Senate’s version adds tax legislation  including a set of popular business tax breaks.
Such changes risk a backlash from House Democrats, who insist on tax increases elsewhere. But by also adding legislation to prevent more than 20 million middle-class taxpayers from feeling the bite of the alternative minimum tax, the step could build momentum for the Wall St. bailout from House Republicans.
John McCain and Barack Obama both plan to return to Washington on Wednesday for the Senate debate and vote.
(Fox)
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