According to McCain this morning, Treasury and the FDIC already have the authority to do most of what the bailout would have allowed them to do. Now it seems the SEC has shelved mark-to-market rules in some cases (pretty much most of them that matter). Even before the vote yesterday, the Fed pumped $630 billion into markets, plus more from other central banks.
So the question seems to be whether we pay for the bailout with taxes (via Congress) or inflation (via the Fed).