Shadegg May Now Vote For Bailout Bill

Conservative GOP Rep. John Shadegg (Ariz.) told an Arizona radio station today that he would support the Wall Street bailout bill because of changes to the bill.

The revised version of the bailout bill, expected to be voted by the Senate today, includes $100 billion in additional tax breaks and new spending, as well a provision increasing the FDIC insurance for bank accounts from $100,000 to $250,000. GOP conservatives have pushed hard for that change.

The SEC is also easing "mark to market" accounting rules, which regulate how assets are valued by financial services firms, another proposal backed by conservatives.

"If they make both of those changes, I'd be inclined to vote for the bill, assuming there have not been any bad things added to it," Shaddeg told radio station KTAR.

"I am highly optimistic that the bill will pass and probably pass sometime on Thursday. I think the Senate will vote on it Wednesday night, I hope the House will vote on it on Thursday. Of course, it is in the control of Speaker Pelosi."