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We dodged a bullet with the first bailout being shot down in the House but we’re about to see it make it’s rounds in the Senate. What the bailout bill will be is not clear at this point. All that is clear is that they will be voting on some sort of bailout bill tomorrow (Wednesday) at 9PM. Michelle has all the details that we know of at this point.

The structure is this:

The Senate will call up H.R. 1424, the text of which will be substituted with the economic rescue plan (a Dodd amendment which must have the consent of both the Majority and Minority Leaders). The only other amendment in order will be a Sanders amendment that will be handled by a voice vote.

The bill will be subject to a 60-vote threshold for passage.

UPDATE II: House Republicans are saying the Senate vote tomorrow is the work of bicameral, bipartisan negotiations.

From a House GOP Leadership aide: “The Senate moving forward tomorrow with the economic stability package gets us one step closer to the bill becoming law – and that is a good thing. The decision is a product of bipartisan-bicameral discussions and we believe that changes to the bill will help us garner more support from House Republicans and smooth the bill to passage.”

Senate leaders have scheduled a vote for Wednesday on the $700 billion Wall Street rescue plan rejected by the House.

Majority Leader Harry Reid and GOP Leader Mitch McConnell say, however, that they’re going to add a tax cut package already rejected by the House on Monday.

The bipartisan move caps a day of behind-the-scenes maneuvering on Capitol Hill over what sweeteners to add to the bill to attract votes from House Republicans.

Reid and McConnell’s move may prove popular with Republicans, but it risks a showdown with House leaders insisting that a popular measure extending certain business tax breaks be financed by tax increases elsewhere in the code.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000.

So the idea is for the Senate to alter the bill with sweeteners–or in layman’s terms earmarks–to attract the House to take the bait. This translates into a bill that will be more bloated then originally, cost the tax payer more and be far worse then the original bill. If you thought a bill handing over billions of dollars to Wall St. was bad wait until you see what the Senate comes up with. We need to get on this one and call these folks to tell them flat out to kill this bill.

Here’s the number to call (202) 224-3121. I think they need to hear a few million people so they can realize we do not want this bill. It’s also important to realize that the markets have already started to bounce back. Stocks fell 777 points yesterday but jumped back up today 485 points due to the belief that the Senate is going to come through for them. It seems like no matter what happens we’ll all be just fine and make it through the turmoil. Things will get better. Maybe these banks should have thought about abusing their powers and making better investments to begin with so they wouldn’t be in this mess? Yeah, right, like that could ever happen.

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