If Monday's Wall Street bailout bill, which the House failed to pass, was, as House Minority Leader John A. Boehner (R-OH) called it, a "crap sandwich," then the Senate's latest offering is a crap sandwich platter: a crap sandwich served with a heaping side of tax cuts and an FDIC deposit limit increase for desert.

The Senate will vote on a package today that includes the bailout legislation rejected by the House on Monday, a Senate-approved bill containing some $120 billion in tax cuts, and an increase in the FDIC-insured deposit limit from $100,000 to $250,000 through the end of 2009, with premium increases funded by the governemnt. The tax language in the new financial rescue bill will come in the form of an amendment that replicates a Seante-passed tax package (HR 6049) that contains an AMT patch and an extension of dozens of expiring tax cuts. The move is intended to entice more House Republicans to vote for the bailout. House Democrats, however, object to the tax bill because the cost of extending the expiring tax cuts remains only partially offset, but like Winnie the Pooh and honey, Republicans just cannot say "no" to a tax cut.

The text of the bill can be found here.

The Washington Post: Lawmakers Revise Rescue Plan
CQ Politics: Financial Rescue Vote Set for Wednesday in Senate
AP: Hoyer, Blunt hopeful of progress on rescue bill
Roll Call: Senate to Move Next on Bailout

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