If you are following the markets, you might have noticed the financial sector bailout plan failed in the House, 216 to 206. Here’s the vote tally. When it become apparent the vote was going to fail, the Dow fell by more than 700 points (6%) and continues to trade in that range.
Your S-Corp team expects the House Leadership to work with the Administration to alter the plan and bring it back up on Wednesday. Possible changes include additional conditions for firms selling assets to the Treasury, a smaller cap on those purchases, etc.
Perhaps more to the point, changes will include anything and everything necessary to get 10 members of the House to change their votes. Expect another nail biter in a couple days. And then the Senate gets its shot.