Senate Approves Bailout After Revisions
The Senate voted reluctantly but solidly in favor of a modified $700-billion Wall Street rescue plan Wednesday, but it remained uncertain whether the legislation -- even with a carefully designed package of tax breaks -- would withstand the fierce crosswinds of liberal and conservative resistance in the House later this week.
The measure passed the Senate 74 to 25, with a majority of Democrats and Republicans voting in favor -- among them presidential nominees Sen. Barack Obama and Sen. John McCain. The centerpiece of the legislation gives the government the authority to buy up billions of dollars of the "toxic" assets, primarily mortgage-backed securities, that have poisoned financial markets and threaten to contaminate the rest of the economy.
"This rescue package . . . is not for the titans of Wall Street. It's not for those whose greed got us here, who chose greed over prudence," said Senate Majority Leader Harry Reid (D-Nev.). "It's for families across Nevada and across America who are fighting to keep their jobs, save their homes and make one paycheck last until another one."
Respond: Are you happy the Bailout passed?
The measure passed the Senate 74 to 25, with a majority of Democrats and Republicans voting in favor -- among them presidential nominees Sen. Barack Obama and Sen. John McCain. The centerpiece of the legislation gives the government the authority to buy up billions of dollars of the "toxic" assets, primarily mortgage-backed securities, that have poisoned financial markets and threaten to contaminate the rest of the economy.
"This rescue package . . . is not for the titans of Wall Street. It's not for those whose greed got us here, who chose greed over prudence," said Senate Majority Leader Harry Reid (D-Nev.). "It's for families across Nevada and across America who are fighting to keep their jobs, save their homes and make one paycheck last until another one."
Respond: Are you happy the Bailout passed?