Senate Reaches Deal on Financial Rescue
Last night Senate leadership announced that the Senate will vote today on the financial rescue plan. The only substantive change announced to the previous package was the lifting to $250,000 of the cap for FDIC insurance coverage of deposit accounts.
Sen. Chris Dodd (D-CT), Chair of the Senate Banking Committee, said he will offer an additional amendment, but that it will only include "agreed upon" items.
In a move that may complicate things somewhat, the Senate has also attached to the package a tax break extender bill covering a number of provisions. This legislation has been "ping-ponging" around the Capitol for months, with the House and Senate leaders differing over the approach.
In a display of dysfunction between House and Senate leaders which has become all too familiar, Speaker Pelosi made a statement last night making it clear she was taken by surprise by the Senate's decision and by the addition of the tax extender package.
The bipartisan Senate leadership appears confident they have more than 60 votes for the bill and will be able to pass it today.
We will have further updates through the day.
