Senate readies for vote on bailout plan - WSFA.com Montgomery Alabama news.

Senate readies for vote on bailout plan

Two days after the 700 billion dollar financial bailout plan failed in the House and sent markets into a record setting slide, the Senate Wednesday night will vote on a similar plan, but with some sweeteners.

The nation's political leaders, from Bush to Obama to McCain, say it's essential to keep the U.S. economy from spiraling into depression.

Stock prices dropped then recovered, as investors watched Washington.

But Senate leaders are selling the 700 billion dollar bill not as a bailout of Wall Streeters, but a rescue for everyone else.

"An economic rescue plan designed shield millions of americans," said republican minority leader Mitch McConnell of Kentucky.

Shield them from a credit collapse.

Ford motor said Wednesday it has already made loans so hard to get and rates so high that Ford sales are down 35 percent.

Tight credit could make the housing crisis worse, cripple small business, and keep kids from going to college.

Calls to Capitol Hill are no longer mostly negative

"They're at least 50/50 and in some offices they're 90% you have to do something, this may be the best thing out there," said Republican Congressman Roy Blunt of Missouri.

Senator Joe Biden, prepping for his debate with Sarah Palin, will vote yes.

Barack Obama will come back and vote yes

"To the democrats and republicans who have opposed this plan, I say step up to the plate and do what's right for the country," said Obama.

John McCain will come back and vote yes

"If the financial rescue bill fails in Congress yet again the present crisis will turn into a disaster," said McCain.

The Senate would put up 700 billion dollars to buy bad mortgage debt
And add another 100 billion in middle class and business tax breaks
And hike FDIC insurance from 100 to 250 thousand on each bank deposit.

Opponents said: that's not enough

"we're still going to have problems in the house," said Democratic Congressman Peter DeFazio of Oregon.
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