For very good, reason, there is a lot of confusion on the stimulus package that the US House and Senate are tyring to put together this week.
The House: has already approved a $819 billion package (not made into law yet because both houses of congress must pass legislation and then it must be signed by the president before it becomes effective)
The Senate created its own package that has a lot of overlap with the package passed by the house, but has other provisions due to the need to garner a few more Republican votes that would create the necessary majority for passage.
Timeline:
If Dems can get 60-vote majority in voting today in the Senate, this will “close off debate” on the bill and then it can be voted on tomorrow.
But, since the Senate and the House have different bills, the leaders of the efforts will have to get together to make revisions for the final proposed bill that would not be voted on by both houses until possibly Thursday or Friday of this week.
Bank Bailout
This is a separate effort and Secretary of Treasury Geithner will be holding a press conference tomorrow at 1600 GMT to announce what the administration wants to do in the continued effort to shore up bank balance sheets – various mixtures of bad asset buying versus insuring against losses on bad assets are being thrown about, together with proposals for taking increased public interest in the banks.
By John Hardy, Forex Consultant for Saxo Bank
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