Pelosi: “Congress must act”

If there was any doubt that our House Congressional Leaders would ever use the power they’ve worked so diligently to hoard and "keep dry," we can now put those doubts to rest. The Wall Street bailout is scheduled for 2.5 hours of debate before today’s expected vote.

from CQ:

Heading into Friday’s expected vote on the Senate-passed financial bailout bill, House leaders said they were optimistic about getting enough votes for passage, but they were whipping as though it was still too close to call.

From Reuters:

WASHINGTON, Oct 2 (Reuters) – U.S. House of Representatives Speaker Nancy Pelosi said on Thursday she would not schedule a vote on the $700 billion financial bailout bill unless there are enough votes to pass it.

First item on today’s agenda for the House of Representatives:

Senate Amendments to H.R. 1424 – Emergency Economic Stabilization Act of 2008 (Rep. Frank – Financial Services/ Ways and Means) (Subject to a Rule)

And yesterday, the House Rules committee met in an emergency session to report out H.RES. 1525

Providing for the consideration of the Senate amendments to the bill H.R. 1424____

  1. Provides for the consideration of the Senate amendments to H.R. 1424: the Emergency Economic Stabilization Act of 2008; the Energy Improvement and Extension Act of 2008; & the Tax Extenders and Alternative Minimum Tax Relief Act of 2008.
  2. Makes in order a motion by the chairman of the Committee on Financial Services to concur in the Senate amendments.
  3. Waives all points of order against consideration of the motion.
  4. Provides that the Senate amendments and the motion shall be considered as read
  5. Provides 90 minutes of debate on the motion with 60 minutes equally divided and controlled by the chairman and ranking minority member of the Committee on Financial Services and 30 minutes equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.
  6. Provides that, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the motion to a time designated by the Speaker.

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