Lawmakers to Vote Monday on Bailout Bill Lawmakers geared up to vote Monday on creating a $700 billion government fund to buy bad debt and alleviate the financial crisis while European regulators scrambled to save two struggling banks.
Some sources said that, given Rosh Hashanah, the Jewish new year, on Tuesday, the Senate probably wouldn't vote on the bill until at least Wednesday.
Gregg expressed confidence that the money laid out in a taxpayer-funded bailout would be more than recovered.
The preceding week of negotiations over the rescue package roiled financial markets and altered the course of the U.S. presidential campaign less than six weeks before the election.
"We've made great progress," House Speaker Nancy Pelosi told reporters after the talks concluded Saturday night.
Paulson lobbied hard for the package — the largest bailout in U.S. history — saying it would keep credit markets from grinding to a halt under the burden of bad mortgage-backed bonds created by banks at a time when it looked like home prices had nowhere to go but up.
Congress was racing to reach an agreement before Asian financial markets open Monday to avoid a repeat of last week's white-knuckle volatility.
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