NEW YORK (CNNMoney.com) — The Senate plans to vote on the $700 billion bank rescue plan Wednesday evening – two days after the House failed to pass it.
The Bush administration and key lawmakers regrouped on Tuesday and vowed to push ahead on the proposed $700 billion financial bailout plan.
“Unfortunately, the measure was defeated by a narrow margin,” President Bush said in a brief televised address at the White House. “I’m disappointed by the outcome, but I assure our citizens, and citizens around the world, that this is not the end of the legislative process.”
Senate Majority Leader Harry Reid, D-Nev., said that he would meet with some key Democratic senators – including Senate Banking Committee Chairman Christopher Dodd, D-Conn. – working on a bailout plan.
“I think we need to wait and see what people are [thinking and] let things cool down,” said Dodd.
The Senate’s lead Republican, Sen. Mitch McConnell, R-Ky., said Tuesday that lawmakers will pass a bill. “I want to reassure the American people that we intend to pass this legislation this week,” he said.
My guess is that the Senate will pass the bill largely as it’s written, and then we’ll be back in the House for round two of Monday’s battle.
Update: The Politico reports that both Presidential candidates will be in Washington when the Senate takes up the bill:
The bailout is back.
Senate leaders have decided to take up the failed House version of the $700 billion economic rescue bill, and plan to add a widely supported change in the Federal Deposit Insurance Corp. caps.
In what is shaping up to be yet another historic vote, presidential candidates Barack Obama and John McCain will return to Washington for a late Wednesday night vote.
And then it will be back to the House of Representatives for yet more drama.