A group of Republicans in the U.S. House of Representatives said on Thursday they would seek an amendment to significantly reduce the size of a $700 billion Wall Street bailout package headed for a House vote soon.

Twenty of those were among the 133 Republicans who voted against the first version of the bailout legislation, which was defeated on the House floor on Monday.

Speaking to reporters, Ohio Rep. Steven LaTourette said that under the plan, Congress would reconvene in mid-November to review Treasury's progress and see whether additional legislation was needed to provide more money to the administration.

“Absent of the amendment I will be a no vote,” says Rep. Doug Lamborn (R-CO) on Fast Money. "There is a need, I recognize that but I think we can ease the credit crunch in more focused way than just this massive buying of securities.”

According to CNBC’s Hampton Pearson there's little chance that this move or any other will derail the bailout. "It seems unlikely House leadership will allow the amendment to be added to this bill, which has already passed the Senate."

How likely is the bailout to pass in its current form? “So far today there’s been a net gain of 3 lawmakers who voted ‘no’ on Monday now saying they will vote yes,” explains Pearson. “But it won’t come to the floor until the leadership feels confident it will pass.”

Traders what do you think?

The bailout is not the cure all, exclaims Pete Najarian. It will provide some kind of stimulus in the short-term but that’s all.

I think the market has already looked past the bailout, adds Tim Seymour. The access to credit is what’s going to be front and center. I expect to see defaults right and left.

In financials, the good will get better and the bad will get worse, muses Guy Adami.

You’ll probably see a rally, says Jeff Macke, and I’d use it to sell down until you can sleep. Pros are getting blown up. If you're an armchair trader I’d take a step back. The sun will come out tomorrow.

What do you think? We want to know!

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Current DateTime: 01:03:47 02 Dec 2008
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Trader disclosure: On Oct.2, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (UUP), (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AAPL), (BAC), (MER), (MS); Seygem Asset Management Owns (FXI); Pete Najarian Owns (AAPL) And (AAPL) Puts; Pete Najarian Owns (GS) Call Spread; Pete Najarian Owns (MS) And (MS) Put Spread; Pete Najarian Owns (NCC) Call Spread; Pete Najarian Owns (RF) And Is Short (RF) Calls; Pete Najarian Owns (SPLS) Put Spread; Pete Najarian Owns (WB) Call Spread; Pete Najarian Owns (XLF) Call Spread; Finerman's Firm Owns (MSFT), (PM)

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