Update (9:20 p.m.): The “amendments” to the bill include:
- Increase in FDIC insured deposits to $250,000 from $100,000
- Tax breaks for businesses and alternative energy
Update (9:00 p.m.): Politico says the House Republicans are supporting the Senate’s move to vote tomorrow night.
House Republicans are saying the Senate vote tomorrow is the work of bicameral, bipartisan negotiations.
From a House GOP Leadership aide: “The Senate moving forward tomorrow with the economic stability package gets us one step closer to the bill becoming law – and that is a good thing. The decision is a product of bipartisan-bicameral discussions and we believe that changes to the bill will help us garner more support from House Republicans and smooth the bill to passage.”
Update (8:45 p.m.): Presidential candidates Barack Obama and John McCain will return to Washington for the vote, Senate aides say.
Update (8:15 p.m.): We told by people familiar with the matter that the Dodd Amendment is likely to be the bailout itself. The actual bill being considered tomorrow is H.R. 1412, the Paul Wellstone Mental Health and Addiction Equity Act of 2008. The plan is to substitute the text of the bailout bill for whatever that mental health bill was. It’s kooky, but that’s how the Senate works.
Republican Senate staffers have been told to expect a vote Wednesday night on the bailout bill and an amendment from banking committee chairman Senator Chris Dodd. The vote is scheduled to occur after 7:30 p.m.
So what’s the Dodd Amendment? No one knows yet. (Some possibilities here.) Senate staffers have not yet seen the final bill itself, much less the amendment. It’s likely the amendment will contain whatever changes have been made to win additional support in the House, either from liberal Democrats or conservative Republicans.
Longtime Senate watchers say that there is no chance the bailout will fail in the Senate.