Harry Reid made the threat that there is not second round of voting for the bailout.
Simple game theory analysis shows that he and the Democrats are making a non credible threat.
The Democrats have everything to loose and the country is on the Republican's side. Knowing this the Republicans can defeat the bill and expect the Democrats to come back with another bill on the Republican's terms.
The Republicans in the Senate have stuck to their principles and I believe have indicated how they will deal with the new administration and their agenda.
The Democrats in the Senate are politically impotent while the Republicans have new found vigor.