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U.S. Senate Passes Bailout Plan

Posted October. 03, 2008 03:03,   


The U.S. Senate has approved a revised financial bailout bill, and the House of Representatives is expected to vote on the measure Friday.

The bill was passed 74-25 after more than three hours of floor debate in the Senate. Presidential candidates Barack Obama (Democrat-Illinois) and John McCain (Republican-Arizona) voted in favor.

The bailout allows 700 billion U.S. dollars, including 150 billion dollars in tax breaks.

The new version will insure an individual for up to 250,000 dollars in deposits from 100,000 dollars to allay fears in the wake of the collapse of a slew of major financial institutions.