Senate Will Vote on Bailout Today

The Senate, after learning a few things from the debacle in the House, have reworked the bailout bill and plan a vote later today:

WASHINGTON (AP) - In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday - but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.

The move to add a tax legislation - including a set of popular business tax breaks - risked a backlash from House Democrats insisting they be paid for with 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 Street bailout from House Republicans. The presidential candidates Sens. John McCain, R-Ariz., and Barack Obama, D-Ill., intend to fly to Washington for the votes, as does Sen. Joe Biden of Delaware, the Democratic vice presidential candidate.

I think this plan will pass fairly easily in the Senate, and with the additions mentioned above, could do much better in the House, though there are still a great many conservative Republicans who don't like the idea of a bailout at all.

Mitch McConnell has been pretty good through this whole thing. He's facing a tough reelection campaign adn we can't afford to lose him.