Senate to vote on bailout tomorrow; Obama, McCain to return

The Senate will take up the bailout package tomorrow, aides in both parties' leadership offices tell Crypter Marty Kady. Both John McCain and Barack Obama will return for the vote. A top McCain aide tells Crypter Amie Parnes that McCain is scrapping plans for a Louisiana fundraiser. He'll spend the weekend in Colorado and Arizona.

The proposal will be taken up along with a renewable energy tax credit extension. Aides say the bill will include an increase in the amount of deposits insured by the FDIC from $100,000 to $250,000 -- a provision called for by Sen. Barack Obama (D-Ill.) and earlier offered by House Republicans.

The vote is scheduled for 7:30 pm tomorrow night, after sundown, respecting the Jewish holiday. The chamber will also vote on a millionaires' surtax proposed by Sen. Bernie Sanders, a Vermont independent who caucuses with Democrats.

“This is a brilliant move by Harry [Reid], and I believe it will help pick up votes on both sides of the aisle,” said Sen. Charles Schumer (D-N.Y.) of the Senate majority leader.

UPDATE: From Senate GOP leadership:

The Senate will vote on the economic rescue plan tomorrow night after a series of stacked votes starting at 7:30.

The structure is this:

The Senate will call up H.R. 1424, the text of which will be substituted with the economic rescue plan (a Dodd amendment which must have the consent of both the Majority and Minority Leaders). The only other amendment in order will be a Sanders amendment that will be handled by a voice vote.

The bill will be subject to a 60-vote threshold for passage.

UPDATE II: House Republicans are saying the Senate vote tomorrow is the work of bicameral, bipartisan negotiations.

From a House GOP Leadership aide: “The Senate moving forward tomorrow with the economic stability package gets us one step closer to the bill becoming law – and that is a good thing. The decision is a product of bipartisan-bicameral discussions and we believe that changes to the bill will help us garner more support from House Republicans and smooth the bill to passage.”