The Bailout Two Step (Senate Version)

As I am sure most of you know the Bailout Failed in the House on Monday. However since the Bailout was a Concurring Resolution The Senate Version is up for a vote today at approximately 7:30PM (Notice: After the Markets Close). The Senate version of the bill is, at its core, a little different from the House version. It includes a provision to increase the FDIC insured limit from $100,000 to $250,000. This is a big deal for Small Business.

Added on to the Bailout Bill will be several "sweetners" for both Republicans and Democrats. Tacked on will be a Mental Health Bill and a package of tax breaks. Those tax breaks include a temporary fix of the Alternative Minimum Tax, a renewable energy and conservation tax credit bill, tax relief for disaster victims, as well as other things.

Also under consideration will be an Amendment to the bailout introduced by Sen. Bernie Sanders (I-VT) to add a 10% surtax to those making over $500,000.

Both John McCain and Barack Obama have said they will vote; 60 votes are required to move the bill out of debate.

The Process for this bill is going to be very odd. The bailout will be introduced as a Subsitute Amendent to H.R. 1424 (Orginally the previously mentioned Mental Health bill). Both the Bailout and the Sanders Amendment need 60 Votes to pass another vote will be needed to move the total package out of debate and then the vote will occur.

Taxpayers for Common Sense has released a Statement.

More Information:
Open Congress
Senate Calendar