Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Senate Will Vote on Bailout Plan Tomorrow
By
Jen Chung
Published Sep 30, 2008
Modified Oct 1, 2008
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Jen Chung
Published Sep 30, 2008
Modified Oct 1, 2008
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
The Senate will vote on the $700 billion bailout plan (or the Economic Rescue Plan, as the White House calls it) tomorrow. The NY Times, which described it as a "surprise move," reports that Senate majority leader Harry Reid (D-Nevada) said, "It has been determined, in our judgment, this is the best thing to move forward. This is good for the country.”
The package will reportedly have "new provisions-including raising the FDIC insurance cap to $250,000 from $100,000." Senator Barack Obama mentioned the idea early this morning and Senator John McCain also endorsed it; FDIC's chairwoman also supports a temporary increase, according to the Wall Street Journal.
Interestingly, after the House failed to pass the bill on Monday, the previously angry calls to lawmakers about the bill became angry calls wondering why they didn't take any action--Rep. Steven LaTourette (R-Ohio) said, "I started hearing from a lot of people who lost money on their investments thanks to the big drop on Wall Street yesterday." However, the Washington Post said House Speaker Nancy Pelosi "responded tepidly" to the Senate decision, "The Senate has made a decision about how to proceed and what can pass that body. The Senate will vote... and the Congress will work its will."
Tagged
bailout
Congress
economy
senate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
NYC school integration debate exposes tensions between Black parents and Mamdani
Some see a blind spot when it comes to the representation of Black New Yorkers in Mamdani's administration and agenda.
By
Elizabeth Kim
Published Oct 20, 2026 at 6:00 a.m. ET
Queens man charged with hate crime at Jewish-owned bagel shop displaying Israeli flags
Prosecutors say the 22-year-old damaged property outside the Fresh Meadows shop twice in May.
By
Giulia Heyward
News
Queens man charged with hate crime at Jewish-owned bagel shop displaying Israeli flags
Prosecutors say the 22-year-old damaged property outside the Fresh Meadows shop twice in May.
By
Giulia Heyward
MTA train yards are in such bad shape plants are growing out of the roof, watchdog says
By
Stephen Nessen
High-ranking NYC officials to testify in ex-buildings boss Eric Ulrich's corruption trial
By
David Brand
Mamdani launches new team to help NYers keep SNAP, Medicaid benefits
By
Caroline Lewis
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .