Michelle Malkin and other news bloggers are reporting that the U.S. Senate will vote on the massive 700 billion dollar bailout plan for Wall Street at 9 AM, ET, this morning.
The problem? No one has yet seen the bill.
But as information trickles in from sources on The Hill, the bill contains a tax cut which House Democrats rejected and an increase in the FDIC program that protects individual deposits from $100,000 to $250,000.
Apparently the bill contains enough stuff to suit both sides, which is why both Senate Majority Leader Harry Reid, D-NV and Senate Minority Leader Mitch McConnell, R-KY, are supporting it.
No word has come yet on the amount of taxpayer money that would be handed over to Wall Street. We can assume that this is still a work in progress and that changes will be made before a final bill goes to the floor for a vote at approximately 9 AM this morning.
Wednesday, October 01, 2008
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