Senate Majority Leader Harry Reid (D-Nev.) said Tuesday that action on the tax extenders bill will wait until lawmakers hear about the Bush administration’s proposed Wall Street bailout.

Reid said he anticipated the discussion on the economic turbulence might last into the afternoon. The Senate is scheduled to vote on several amendments to the extenders package this afternoon.

Banking, Housing and Urban Affairs Chairman Chris Dodd (D-Conn.) called a hearing for Tuesday at which Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke will make the case for the administration’s $700 billion bailout.

Reid said he will not be rushed into acting on the bill.

“We’re waiting for the hearing. I think if people are getting the same message as I am, there should be some changes,” Reid said.

Reid also said that if the House waives the 48-hour rule and votes on the continuing resolution on Wednesday, the Senate could take it up as early as Thursday.