And retiring Minnesota Rep. Jim Ramstad is one of the House members cited in today’s NYT story who voted no the first time around but is more inclined to vote for this version. House leaders only need to change a dozen no votes to yes to secure passage of the measure, which failed by 23 votes the first time through. (In the Senate, both Norm Coleman and Amy Klobuchar voted for the bill.)

Krugman’s first-blush reaction: “I think that Congressional leaders know that it’s a bad bill, but feel compelled to defend it, because they’re (rightly) scared of the financial consequences of a second rejection. And to some extent economists like myself are in the same position; I think I called it the ‘hold your nose caucus.’ So am I for the bill? Yuk, phooey, I guess so. And I’m very angry at Paulson for putting us in this position.”