Senate Republican 'Adults' to Guide House Kids on $700 Billion Bailout?

We're hearing lots of talk this afternoon that with the House unable to quickly come up with an alternative to the $700 billion bank bailout it rejected Monday, the Senate is ready to take the lead. It's being described this way, says a source: "It's time for the adult body to take over." And that's from a Republican. A GOP leadership aide said, however, that the effort isn't meant to snub the House, just suggest that it's the other chamber's turn to act. "I think it's more in the line of: The Senate should do something tomorrow. It's possible we will, but we're saying we should."

It may be for nothing, of course, since we reported earlier today that some House conservatives don't believe anything can be done to make them change their "no" vote to a "yes." And for good measure, former House Majority Leader Dick Armey has just issued a letter to supporters—look below—urging voters angry with the bailout to put pressure on those House members who are being targeted by President Bush's team.