Update: Here’s how everyone voted.
Earlier: On Monday the House rejected a bailout plan but today tonight, just before 9:30, the Senate approved a new version. The House is set to vote on it on Friday. Let’s hope they don’t send the market down 777 points again.
WSJ: The Senate’s revamped bailout package drew support from 74 lawmakers in a roll call vote Wednesday evening, and the measure will now return to the balky House of Representatives for another vote following its unexpected rejection on Monday.
The Senate approved a new bill loaded with tax breaks for business and an increase in deposit-insurance limits. It will be taken up in the House Friday.
…Stunned by the market reaction, lawmakers regrouped and added new items to the bill to win the extra needed support. One big change is the introduction of a 10-year, $150.5 billion package of tax proposals, including measures to ease the bite of the so-called alternative minimum tax and research-and-development tax credits coveted by high-tech companies and drug makers.
By the way, look who showed up to vote!
Clusterstock: Apparently this thing must be pretty important because Presidential candidates John McCain and Barack Obama showed up to vote for the bill. McCain and Obama are Nos. 1 and 3 on the votes missed list.
It was a bipartisan detente all the way around:
Politco: “Times of crisis demand decisive bipartisan action and I welcome Senate passage of the economic rescue plan,” said Speaker Nancy Pelosi (D-Calif.) who expects to schedule a House vote Friday morning. “The House will act in a bipartisan way to restore market confidence as well as Main Street’s confidence in our economic future.”
The Senate galleries, usually empty at night, were packed with visitors on the left and right, and senators voted from their desks as if to underscore the seriousness of the legislation.
“This is a big moment in the Senate,” said Minority Leader Mitch McConnell (R-Ky.). “This is the kind of vote we are sent by our people to cast.”
30-three Republicans joined 40 Democrats and Sen. Joseph Lieberman, a Connecticut Independent in favour of the package. “This is not a Democratic bill. It’s not a Republican bill,” said Senate Majority Leader Harry Reid (D-Nev.) later. “It’s our bill.”
And, meanwhile, back at the House, people have been working overtime….
AP: Even as the Senate voted, House leaders were hunting for the 12 votes they would need to turn around Monday’s 228-205 defeat. They were especially targeting the 133 Republicans who voted “no.”
Their opposition appeared to be easing after the Senate added $110 billion in tax breaks for businesses and the middle class, plus a provision to raise, from $100,000 to $250,000, the cap on federal deposit insurance.
They were also cheering a decision Tuesday by the Securities and Exchange Commission to ease rules that force companies to devalue assets on their balance sheets to reflect the price they can get on the market.
There were worries, though, that the tax breaks would cause some conservative-leaning Democrats who voted for the rescue Monday to abandon it because it would swell the federal deficit.
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