Wall Street Waits
Wall Street is still on pins and needles due to the increase in jobless claims, the decline in factory orders, and the uncertainty surrounding tomorrow’s House vote on the financial rescue plan. The Dow Jones Industrial Average lost nearly 350 points today.
The House Rules Committee is meeting as we write. Our contacts on the Hill are telling us to expect a "closed rule," which means the House would not be able to amend the Senate-passed legislation. The House is scheduled to convene at 9 a.m. tomorrow for a yet-undetermined amount of debate followed by the vote.
Democratic and Republican leaders are "whipping" this vote this afternoon. We are hearing reports they are winning some converts on both sides. The Speaker said she will not schedule the vote until she is certain they have enough votes to pass the bill.
Tomorrow will be a big day. Stay tuned.
