Wednesday night the Senate passed by a 74-25 vote, a multi-billion dollar financial bailout plan. Included in the legislation are several extensions of tax credits for energy, a patch for the alternative minimum tax, and language dealing with disaster aid. Also the bill institutes a one year, temporary increase of FDIC coverage from $100,000 to $250,000.
The inclusion of these items combined with the lobbying of small shops, auto manufacturers and restaurants is putting pressure on the House to pass the legislation. Nearly 700 companies and trade associations have written congressional leaders urging them to adopt the energy tax incentives in the Senate bill for wind, solar and other renewable sources, which could be important in gaining votes for candidates in both parties.
According to sources cited by Congressional Daily, as many as 25 members of each party that voted against the bill on Monday may be swaying toward switching their vote. House Minority Leader, Stenny Hoyer, R-Md., is stressing the importance of swiftly passing the recovery bill. He says he has been talking about the situation quite a bit with House Minority Whip Roy Blunt, R-Mo.
"I know he is working this issue; I think many of his members are going to find the tax extenders and the FDIC provisions to their liking, so hopefully he'll be able to have some progress," Hoyer said. "But he'll need 100 Republican votes to pass this."
According to Hoyer the House will likely vote on the bill late morning or early afternoon on Friday.