Two Updates: Tax Legislation and Europe

• Tax Legislation

If you are bored, here is the C-Span Link for the Senate vote.

From the Senate rules: "Under the cloture rule (Rule XXII), the Senate may limit consideration of a pending matter to 30 additional hours, but only by vote of three-fifths of the full Senate, normally 60 votes."

Most estimates are the cloture vote will receive close to 70 votes (the vote will stay open for some time because of bad weather). Then there will be 30 hours of additional "debate" (talking to an empty chamber) and then the final vote in the Senate will probably be on Wednesday.

Both Senators Reid and McConnell agreed to keep the Senate in session over the weekend and into next week, if needed, to make sure the bill passed. The only question is what will happen in the House?

• From Reuters: ECB eyes seeking capital hike - sources

The European Central Bank is considering requesting an increase in its capital from euro zone member states, euro zone central bank sources told Reuters, as a cushion against any potential losses from its bond buying.

The ECB has been buying bonds of weaker euro zone countries (probably mostly Greece, Ireland, and Portugal).