Easy Monday: Reid's Transaction Account Guarantee extension in the Senate

The Senate meets at 2 p.m. for speeches, then at 5 p.m will take up S. 3637, a bill extending the Transaction Account Guarantee (TAG) program.

TAG provides a government guarantee to about $1.4 trillion held for short periods of time in accounts held by small companies and municipalities. The guarantee was created during the financial crisis, and banks believe an extension is needed given the continuing economic uncertainty.

The Senate bill was introduced by Majority Leader Harry Reid (D-Nev.), and it extends the guarantee for two more years. At 5:30 p.m., the Senate will hold a vote on a motion to end debate on a motion to proceed to the bill.

The House is out and returns Tuesday at 2 p.m.; the first vote in the House is expected at 6:30 p.m. Tuesday.