The House debate on the bailout bill has officially begun. Have House Democrats and Republicans twisted enough arms and bribed enough members to score enough votes to reverse Monday’s stunning defeat?
Discussions of the bailout have been going on all morning, as House members opposing the bailout took to the floor to criticise it. On a formal basis, however, the debate began just moments ago. This should take a couple of hours, and will likely end in a vote. You’ll here lots of Capitol Hill mumbo jumbo about concurring with the Senate’s amendments, which just means they are debating whether or not to approve the bill the Senate approved earlier this week.
The past week has seen what Politco called a “frenzy of arm-twisting, cajoling, Doomsday-promising, lobbying, threatening and outright begging.” Republica leaders seem optimistic that they will produce at least 76 votes in favour of the bailout, 11 more than last time. The Democrats also believe they will garner a few more than the 140 yes votes they scored on Monday, although there is some risk that fiscal conservative “Blue Dog” Democrats–who favour balanced budgets–may be driven away by tax breaks included in the bill.
Keep in mind, however, the the leadership of both parties thought they had this thing locked down Monday. A few bruised egos or partisan blame-throwing could knock off enough votes to see this thing go down again. Distrust is at an all time high on Capitol Hill. All our Washinginton DC sources are sure this thing will pass when it comes up for a vote today but say the vote may be delayed if the leadership has doubts about having all the votes they need.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.