Financial Reform Watch

Momentum Favors EESA Passage

The Dow Jones Industrial Average is inching up while the House completes the final hours of debate on the financial rescue package. Earlier today, the House agreed to a closed rule for H.R. 1424, which contains the Emergency Economic Stabilization Act along with tax extenders, and mental health parity provisions. The rule for H.R. 1424 does not allow members to amend the legislation in any way, and it also permits the leaders to call for a second vote today, if the first fails.

We are told leadership is planning for a vote at 1 p.m., unless the votes are not yet secured to pass the plan. Momentum appears to be swinging in the direction of passage. Some of our sources are saying as many as 20 members on the GOP side alone may now be switching from "no" to "yes." Only 12 members need to switch to put the measure over the top. On the Democratic side, concerns are ebbing that votes will be lost from the members of the fiscally conservative "Blue Dog" caucus who opposed adding tax breaks that are not "paid for" with corresponding revenue increases.

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