Update: Deal Reached

Apparently, Senate Democrats, the Obama administration and moderate Republican Senators have reached a deal on a $780 billion stimulus plan, and the vote is expected to occur late tonight. It appears that the Democrats have sufficient support for the legislation to get it into conference negotiations with the House. Apparently, the changes reflect about $80 billion worth of spending cuts, and $25 billion of tax cuts cuts (um, cuts to tax cuts).

We will keep you posted and give you a full rundown of the final vote should it happen this evening. My official prediction is passage by a vote of 61-37. The two non-voters will be Senators Gregg (Commerce nominee) and the vacant seat in Minnesota. Senator Ted Kennedy is expected to triumphantly return to cast his vote in favor of the measure. It needs 60 votes to pass under Senate rules. The three Republicans I expect will vote for the bill include Maine moderates Olympia Snowe and Susan Collins, as well as Arlen Specter of Pennsylvania.

More Later Tonight!