Senate Moves Toward Rescue Vote

The Post's Lori Montgomery reports that the Senate, which has taken the lead on the $700 billion Wall Street rescue bill from the House, will likely begin discussing the bill between 2 p.m. and 3 p.m. today.

There will be 90 minutes of debate on an amendment offered by Sen. Chris Dodd (D-Conn.) that would add a package of tax breaks for renewable energy businesses and others.

Then Sen. Bernie Sanders (I-Vt.) will get 60 minutes of debate for his proposed amendment to add a surtax on millionaires to pay for the rescue plan, unlikely to pass, especially given the high number of millionaires in the Senate (about half, Forbes estimates).

Senate voting on a number of issues begins around 7:30 p.m. tonight, with the vote on the rescue plan coming last, not expected until after 8:30 p.m.

The forecast: smooth sailing in the Senate, but balanced-budget Blue Dog Democrats -- upset that there's no new revenue increase to pay for the rescue plan -- may prove to be a roadblock in the House. Rep. Steny Hoyer (D-Md.) is among the angriest.

-- Frank Ahrens

October 1, 2008; 1:27 PM ET  | Category:  business
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The high number of millionaires in the congress are not willing to pass a bill that will pay for a portion of the bailout. These are the people we want to control this gigantic amount of money? Not me!!!!

Posted by: linda521 | October 1, 2008 1:51 PM

Today the U.S. Senate will vote to bailout Wall Street. We wouldn't be in this crisis if it weren't for the billions of dollars Wall Street lavished on politicians, and the deregulatory policies Congress passed for them in return.

AND NOW THEY WANT TO PUT THEIR LOSSES AND FAILURES ON OUR BACKS!

CALL, FAX AND EMAIL YOUR SENATORS -

NO BAILOUT!!

Posted by: Anonymous | October 1, 2008 3:05 PM

Remember the House must pass it as well. Don't stop letting your voice be heard. Call your Congress member at (202) 224-3121, or send an email through either of these sites - www.votenobailout.org or www.visi.com/juan/congress

Posted by: Brian | October 1, 2008 9:21 PM

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