According to Crypter reports, the Senate will take up the bailout package - along with a renewable energy tax credit extension - and Senators John McCain, Barack Obama and Joe Biden will be in Washington on Wednesday to vote on the $700 billion bank rescue plan.
Respecting the Jewish holiday, Rosh Hashana, the vote has been scheduled for 7:30 pm tomorrow night. For passage, the bill will be subject to a 60-vote threshold.
The plan with added provisions was announced by Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell on Tuesday. Aides say the bill will include an increase in the amount of deposits insured by the FDIC insurance cap from $100,000 to $250,000 - a provision called for by Senator Obama, and earlier offered by House Republicans. The chamber will also vote on a millionaires’ surtax proposed by Senator Bernie Sanders, a Vermont independent who groups with Democrats.
Hoping that the changes made to the bailout plan would find the approval by senators on both sides of the aisle, Reid said: “I believe that this legislative package will ensure that the needs of Main Street are not forgotten.”
Both the presidential candidates have expressed their opinion about the changes made in the plan and the scheduled voting.
McCain said now is the time for bipartisanship in order to push through the $700 billion proposal, which failed in the House of Representatives Monday. He said: “Bipartisanship is a tough thing; never more so when you’re trying to take necessary but publicly unpopular action. But inaction is not an option.” He added: “Congressional inaction has put every American and the entire economy at the gravest risk.”
Obama, speaking at a rally in Reno, Nevada, on Tuesday, issued a tough message to fellow lawmakers. He said: “To the Democrats and Republicans who opposed this plan yesterday, I say step up to the plate and do what’s right for this country.”