Will the Bailout Plan pass tonight?
So yesterday, the stock market gained much of what it lost on Monday – and some might think “it wasn’t a big deal!” And it’s quite possible if the Bailout plan passes tonight – that stocks will surge even more – and end up higher for the week.
What do you think? Will it pass? Any ramifications one way or another?
From Yahoo! News:
Rescue plan now with added tax cut
“In a bold bid to revive President Bush’s multibillion-dollar financial rescue plan, Senate leaders scheduled a vote for Wednesday night on a version of the bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House.
The goal is to net at least 12 more House votes than the rescue proposal received Monday, when lawmakers rocked the political and financial worlds by rejecting it.
The gambit is certain to anger some conservative House Democrats, who object to tax cuts that are not offset with spending cuts. But Senate strategists assume it will gain more House votes than it will lose.
If so, Congress would be poised to pass landmark legislation giving the government billions of dollars to buy deeply discounted mortgage-backed securities that are choking off credit and roiling the markets.
The strategy is risky because some House members might see it as a high-handed move by senators. Senate passage of a bailout measure has seemed assured all along. The showdown is in the House, but now the Senate is trying to force the House’s hand.